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"value": "NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS1 COMPANY INFORMATIONThe Snam Group, consisting of Snam S.p.A., the Italian consolidating company, and its subsidiaries (hereafter referred to as \u201cSnam\u201d, the \u201cSnam Group\u201d or the \u201cGroup\u201d), is an integrated Group at the forefront of the regulated gas industry (transportation, regasification and storage) and a major player in terms of its regulatory asset base (RAB) in the sector. In addition to Italy, through its international subsidiaries, Snam also manages infrastructures in Austria, Egypt, United Arab Emirates, France, Greece and the United Kingdom. Snam invests in innovation and in development of new energy transition businesses, from sustainable mobility to biomethane and energy efficiency. It also seeks to enable and promote the development of hydrogen to mode forward the decarbonisation of the energy sector and industry. Snam S.p.A. is a joint-stock company incorporated under Italian law and listed on the Milan Stock Exchange, with registered offices at San Donato Milanese (MI) - Italy, in Piazza Santa Barbara 7.With a resolution of 1 August 2019, the Board of Directors of CDP S.p.A., which, through its subsidiary CDP Reti S.p.A., holds a 31.4% stake in Snam S.p.A., reclassified the investment relationship in the company, which already qualifies as de facto control under IFRS 10 - Consolidated financial statements from 2014, as a de facto control pursuant to Article 2359, paragraph 1, no. 2) of the Italian Civil Code and Article 93 of the TUF.CDP S.p.A. has neither formalised nor exercised management and coordination activities over Snam S.p.A..2 DRAFTING CRITERIA, MACROECONOMIC BACKGROUND, EFFECTS OF THE RUSSIA-UKRAINE CONFLICT AND CLIMATE CHANGE RELATED MATTERS2.1 Basis of presentationThese consolidated financial statements:a) have been prepared in accordance with the International Financial Reporting Standards issued by the International Accounting Standards Board (IASB) and adopted by the European Commission pursuant to Article 6 of (EC) Regulation No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 and pursuant to Article 9 of Legislative Decree 38/2005; b) have been prepared in accordance with the going concern assumption, based on the conventional historical cost criterion, taking into account value adjustments where appropriate, with the exception of items that must be measured at fair value, in accordance with IFRS, as described in the measurement criteria.Considering the characteristics of Snam's core business, which did not require an uninterrupted continuation of operating activities, there are no elements that require in depth analysis regarding the validity of the going concern assumption; c) have been approved and authorised for publication by the Board of Directors of Snam S.p.A. in its meeting of 15 March 2023, and have been audited by Deloitte & Touche S.p.A.;d) are denominated in euros,; given their size, the amounts in the financial statements and respective notes are expressed in millions of euros, unless otherwise specified.2.2 Macroeconomic context of referenceThe prolonged upward phase in the prices of energy goods, and especially natural gas, already observed since the second half of 2021, was further influenced by the Russian invasion of Ukrainian territory and the conflict that started on 24 February 2022. In the following months, energy commodity costs rose further markedly, reaching peaks in the Amsterdam spot market of over 300 euros per MWh at the end of August. Since September, and more markedly since December 2022, the price of natural gas has fallen significantly to below 80 euros per MWh for the first time in nine months. The downward trend continued in the first weeks of 2023.At the same time, since the beginning of 2022, global economic activity has shown signs of slowing down and inflation has risen almost everywhere, continuing to reflect the increases recorded in energy prices and the consequent growth in food prices; in Italy in particular, on average, consumer prices rose by more than 8% in 2022 (compared to a growth of +1.9% in 2021). During the same period in the Eurozone and the US, inflation was above 9% and 6%, respectively.In order to cope with the significant inflationary phenomenon, the main central banks started a significant normalisation process of monetary policy in 2022, starting already in the first quarter, with substantial and repeated increases in the reference interest rate; in the Euro area, the ECB started this process in July 2022, raising the reference rate to 2.5% with four consecutive increases, in July, September, October and December respectively. The context in which the Group operated during 2022 was influenced by the macroeconomic and geopolitical changes that followed the Russian invasion of Ukraine. In this context, the Group was able to operate without interruption and realise planned investments. With reference to indirect consequences, the conflict led to repeated significant increases in reference rates by the main central banks; this resulted in a generalised increase in the cost of debt which, in the case of Snam, went from an average value of 0.8% at 31 December 2021 to an average value of 1.1% at 31 December 2022. Secondly, the growth in reference rates led to a significant increase in the rates used for estimating the recoverable value in the Impairment Test under IAS 36 'Impairment of Assets'.2.3 Effects of the Russia-Ukraine conflict on the presentation and measurement of items in the consolidated financial statements 2.3.1 Gas Infrastructure\u2022 Within the Transportation, Regasification and Storage business, no direct impacts from the Russia-Ukraine conflict are reported at present. With reference to indirect impacts, it should be noted that, pursuant to Decree-Law no. 17 of 1 March 2022, converted with amendments by L. 27 April 2022 , no. 34, setting forth \"Urgent measures for the containment of electricity and natural gas costs, for the development of renewable energies and for the relaunch of industrial policies\", the group undertook series of actions aimed at contributing to the achievement of the storage filling targets set by the Ministero dell'Ambiente e della Sicurezza Energetica - MASE, as well as allowing for greater diversification of supply sources. For more details, please refer to the section \"Applicable regulatory framework and principal developments\" in the Director's Report.\u2022 In the context of the Sustainable Mobility business, the production and marketing of compressors were impacted by the effects of the Russia-Ukraine conflict where, mainly during the first half of 2022, there were heightened difficulties in procuring some raw materials used in the production phase (such as, for example, stainless steel and components for integrated boards) due to delays in the supply chain. However, the second half of the year saw an upturn in orders for the supply of compressors.Furthermore, with reference to the refuelling station business, the significant increase in methane prices led to a lower growth in consumption and therefore in the supply by the stations; however, the activity of commissioning the stations continued (no. 60 stations as at 31 December 2022 compared to 46 stations to 31 December 2021). 2.3.2 Energy Transition\u2022 In the business of designing and building biomethane plants, the conflict generated difficulties in the procurement of raw materials (especially construction-related materials for IES Biogas), with concomitant price increases and longer delivery times. Biomethane production plants, on the other hand, did not record substantial impacts. However, the continuation of the conflict in 2023 could have further impacts that cannot be determined at present;\u2022 In the context of the Energy Efficiency business, the generalised increase in the costs of raw materials, due to the Russia-Ukraine conflict, did not have any significant economic effects since, in general, the contracts signed with customers envisage specific indexing that protect companies from price escalation. Nevertheless, there was a slight slowdown in collection times due to the aforementioned cost increase, but with minimal impact. Should this phenomenon continue in the coming months, it could have more significant indirect effects on the working capital and cash flow of the companies. 2.3.3 Foreign and Italian subsidiariesWith regard to the Snam group's foreign subsidiaries, TAG (jointly controlled company) and GCA (associated company) are the companies most exposed to Russian gas supplies.As of 31 December 2022, the context in which the companies operate has changed significantly compared to the past; despite the presence of a substantially stable regulatory framework, the differences existing with respect to the regulations in force in the main European countries (essentially with reference to the so-called volume risk), generate uncertainties on the expected returns that, based on the current regulatory framework, are largely dependent on the volumes transported.With reference to TAG, the continuation of the Russia-Ukraine conflict, which began in February 2022, led to a significant reduction in gas flows from Russia in the year detected at the Baumgarten entry point, amounting to approximately 52.6% compared to 2021, with a consequent reduction in the volumes imported from the Tarvisio entry point (from approximately 29 bcm in 2021 to approximately 14 bcm in 2022). In addition, around 85% of the long-term transport capacity contracts expired on 31 December 2022. In a scenario characterised by significant uncertainties as to the outcome and duration of the conflict, with actions already taken by some states that will lead to the gradual independence of Europe from Russian gas, Snam determined the estimated recoverable amount of the investment based on a multi-scenario approach, attributing a probability of occurrence to each of the scenarios considered. By multiplying the value in use emerging from each of the scenarios considered by the probability of occurrence attributed to them, the recoverable value was thus determined, resulting in a write-down of the equity investment held in TAG of 340 million euros, with a carrying amount as at 31.12.2022 of 274 million euros.At the same time, the company is actively cooperating with the competent Austrian authorities on the definition of the regulatory framework applicable from 2025 (regulatory period 2025-2028) in light of the changed context in which the company operates. With regard to GCA, it should be noted that, during 2022, the company used its interconnection points with Germany to ensure the security of supply in Austria and, at the same time, the attainment of the domestic storage fill target. It should also be noted that the company has long-term transport capacity contracts with gradual expiry dates up to 2031.With regard to Italian subsidiaries, there are no direct impacts from the Russia-Ukraine conflict. Lastly, there was a significant and generalised increase in the interest rates used to estimate the recoverable amount in the Impairment Test pursuant to IAS 36 'Impairment of Assets'. 2.4 Climate change related matters Evidence of the impact of climate change on different industrial sectors has increased considerably in recent years. Many economic sectors will be adversely affected by permanent changes in temperature, precipitation, sea level and more generally by the magnitude and frequency of extreme climate events. In the energy sector, variations in average and extreme temperatures could lead to an increase in energy demand in summer periods and a decrease in demand in winter periods; the final balance will, of course, depend on geographical, socio-economic and technological factors. On the supply side, climate change could adversely affect the energy production infrastructure in some geographical areas. In general, climate risks are systemic risks, which cascade throughout society. The World Economic Forum, in its annual \u2018Global Risks report\u2019 of 2021, considered extreme climate events and failure to act to address the climate crisis to be among the greatest dangers to humanity, both in terms of likelihood of occurrence and impact.The fight against climate change for an increasingly decarbonised economy is the main challenge facing the world today.2.4.1 Managing climate change risks and opportunities in SnamThe energy and climate scenarios that form the backdrop to Snam\u2019s activities involve a series of risks and opportunities that must be identified, assessed and managed effectively and promptly. The assessment of the factors that may affect the business is, in fact, an essential condition to be able to continue to operate in the long term in a sustainable manner, namely directing strategies and monitoring changes in the boundary conditions of the same.The risks and opportunities identified by Snam are taken into account in the definition of corporate strategy, with particular reference to objectives in the area of energy transition and decarbonisation and the reduction of greenhouse gas and methane emissions.As part of the integrated management of corporate risks, Snam adopts an Enterprise Risk Management Model (hereinafter ERM) within which the risks associated with climate change are also identified and managed, assessed taking into account the following time horizons:\u2022 Short-term (0-1 year): in the short-term, Snam creates value by pursuing its business in the manner established by the rules and procedures, with particular focus on risk management and operational efficiency. The main point of reference is the annual budget.\u2022 Medium-term (1-5 years): in the medium term, the ability to carry out investment programmes, thereby ensuring a flow of resources and that favourable economic conditions are maintained, is also important. The main point of reference is the Strategic Plan, which covers a period of up to five years. \u2022 Long-term (5-10 years): in the long-term, it is vital that the investment decisions and strategic choices made have interpreted trends in the best way possible. The main point of reference is the Ten-year transportation network development plan submitted to the Authority, which covers a period of 10 years.Snam\u2019s ERM model envisages assessment cycles, the results of which are shared with the Leadership Team, the Control and Risk and Related-Party Transactions Committee, the Board of Statutory Auditors and the Supervisory Board. On an annual basis, the Board of Directors, together with the ESG Committee, is also updated on these topics in order to integrate climate change topics into the planning and definition of strategies for the management of ESG topics relevant to the Group.The risks are explained in the Director's Report , in the section \"Elements of risk and uncertainty\", where a detailed analysis was carried out on climate change risks.2.4.2 Climate change related risksIn accordance with the recommendations of the Task Force on Climate Related Financial Disclosure (TCFD), climate change subjects companies to two types of risks: physical risks, due directly to weather and climate variations, and transition risk, related to the socio-economic reaction of society to climate change.Physical risks are divided into: \u2022 acute risks, related to the increase in the severity of extreme weather phenomena, which may cause material damage to the infrastructure, with impacts on the continuity and quality of the service; \u2022 chronic risks, which are more predictable and which Snam associates mainly with the increase in temperature with a consequent lower demand for gas.Transition risks are divided into:\u2022 compliance risk, in terms of the tightening of the reference and emerging regulatory framework to accelerate the reduction of pollutant and climate-changing emissions;\u2022 market risk, in terms of increased penetration of renewable energies to the detriment of natural gas, alternative uses of gas and the development of new businesses (biomethane, etc.) and/or the CNG market, as well as the behaviour of consumers, financiers and investors, who are increasingly oriented towards sustainable products; \u2022 technological risks, in terms of diffusion of new technologies fostering the use of intermittent energy sources and the need to adapt to new technological standards. 2.4.3 Actions undertaken by Snam: from the development of new businesses, directly associated with the commitment to energy transition, to interventions on regulated infrastructuresWith regard to physical risks, Snam continually monitors the integrity of its infrastructure and plants, as well as the state of health and conservation of the areas in which they are located, constantly updating the processes and systems used in order to identify, with increasing notice, any critical issues through the introduction of new technologies that can also reduce the environmental impact of the activities themselves. These actions allow the company to limit its exposure to risks associated with chronic natural events. In addition, in order to remedy unforeseeable extreme natural events, Snam has adopted innovative intervention strategies and action plans aimed at ensuring immediate safety and the restoration of activities in the shortest possible time.Snam also has specific insurance contracts in place to cover some of these risks, in line with industry best practices.With reference to the risks of transition, Snam has, in recent years, begun repurposing its infrastructure, developed its international presence, formed a large number of partnerships and launched numerous energy transition initiatives. Building on its consolidated capabilities in regulated businesses and expertise in green gas and new energy transition trends, the company is evolving towards a multi-commodity infrastructure concept, i.e. capable of transporting and storing different types of gas, leveraging and continuing to develop its hydrogen, CO, biomethane, mobility and energy 2efficiency businesses.In this context, in January 2023, the new 2022-2026 Strategic Plan and the long- Term Vision to 2030 were presented, with which Snam underlined its contribution to supporting the great transformation underway in the energy sector, leveraging on the enabling role of infrastructure to achieve a fully decarbonised economy through a plan of increasing investments. The Strategic Plan envisages investments totalling 10 billion euros over the next four years (up 23% compared to the previous plan), mainly including maintenance, modernisation and infrastructure development activities. In addition, investments of 1 billion euros are planned to achieve carbon neutrality and energy transition. The pillars of Snam's Carbon Neutrality strategy are detailed in the chapter \"Strategy and Risk Management - Towards carbon neutrality\" of the Directors' Report.Specifically, Snam plans to reduce Scope 1 and Scope 2 greenhouse gas emissions by 28% by 2025, 40% by 2027 and 50% by 2030 (vs. 2018), to achieve carbon neutrality by 2040. The Company also set a target on natural gas emissions of -55% by 2025 and -65% by 2030 (both vs. 2015).For these reasons, it is believed that, at present, the Group has a limited exposure to the impact that possible climate risks could have on the valuation of non- current assets and other assets, including receivables, recognised in the financial statements, also in consideration of the specific business and segments in which it operates.Similarly, due to the systematic monitoring of its assets and the areas on which they insist, the Company is able to identify in advance possible situations that could potentially generate potential liabilities related to climate risks.3ACCOUNTING STANDARDS AND INTERPRETATIONS APPLICABLE FROM 2022For the financial year ended 31 December 2022, the Group applied accounting standards in line with those of the previous year, with the exception of the accounting standards and interpretations which came into force in the year starting on 1 January 2022, which are described below.By Regulation no. 2021/1080, issued by the European Commission on 28 June 2021, the regulatory provisions contained in the following documents were approved:\u2022 Amendments (i) to IFRS 3 Business Combinations; (ii) to IAS 16 Property, Plant and Equipment; (iii) to IAS 37 Provisions, Contingent Liabilities and Contingent Assets\u201d. (i) Amendments to IFRS 3: the document \u201cAmendments to IFRS 3 Business Combinations: Reference to the Conceptual Framework\u201d is intended to update the reference in IFRS 3 to the Conceptual Framework in its revised version, without resulting in any changes to the requirements of IFRS 3. (ii) Amendments to IAS 16: the document \u201cAmendments to IAS 16 Property, Plant and Equipment: Proceeds before intended use\u201d introduced some clarifications, specifying that it is not allowed to deduct from the cost of the fixed asset the amount received from the sale of goods produced before the asset was ready for use, as intended by management. These sales revenues and related costs shall therefore be recognised in the income statement. (iii) Amendments to IAS 37: the document\u201cAmendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous contracts - Cost of fulfilling a contract\u201d clarified which cost items are to be considered in determining whether or not a contract will be loss-making. \u2022 Improvements to IFRS (2018-2020 cycle):(i) amendments to IFRS 1 \"First-time Adoption of International Financial Reporting Standards\", in relation to the measurement of cumulative translation differences; (ii) amendments to IFRS 9 \"Financial Instruments\" clarifying which fees (commissions) are to be included when performing the \"10 per cent\" test required by paragraph B3.3.6 of IFRS 9, specifying that only fees, paid or received, between the entity and thelender; (iii) deletion of Illustrative Example 13 of IFRS 16 \"Leases\" relating to the repayment of leasehold improvements by the lessor in order to remove any doubt about the treatment of lease incentives; and (iv) amendments to IAS 41; the amendment removes the requirement in paragraph 22 of IAS 41 that entities when measuring a biological asset at fair value using present value techniques must exclude cash flows of a tax nature from the measurement. This will ensure consistency with the requirements of IFRS 13.The adoption of these amendments did not have effects on the Group\u2019s consolidated financial statements.4FINANCIAL STATEMENTSWith reference to the financial statements, note that:\u2022 the items in the Statement of financial position are classified by distinguishing assets and liabilities on a current/non-1current basis\u201d;\u2022 the Income Statement has been presented separately from the Comprehensive Income Statement and classifies costs by type, since this is deemed to be the best way of representing the Group\u2019s operations and is in line with the established practice of companies operating in international markets;\u2022 the Cash Flow Statement has been prepared using the indirect method.Moreover, pursuant to Consob Resolution No. 15519 of 28 July 2006, any income and expense from non-recurring operations is shown separately in the income statement.With regard to the same Consob Resolution, the balances of receivables/payables and transactions with related parties, described in more detail in Note 37 \u2013 \u201cRelated-party transactions\u201d, are shown separately in the financial statements.1 Assets and liabilities are classified as current if: (i) their realisation/settlement is part of the normal operating cycle of the company or in the 12 months after the financial year-end; (ii) they consist of the cash and cash equivalents without restrictions that would limit usage thereof in the 12 months following the closure of the year; or (iii) they are held mainly for trading.5SIGNIFICANT ACCOUNTING STANDARDS The most significant measurement criteria adopted when preparing the consolidated financial statements are described below.5.1 Consolidation CriteriaSubsidiaries, joint ventures, associates and other significant equity investments are indicated separately in the appendix \u201cEquity investments of Snam S.p.A. as at 31 December 2022\u201d, which is an integral part of these notes. The same annex shows the changes in the scope of consolidation at 31 December 2022 compared to 31 December 2021. For further details on the acquisition of controlling interests, for which the conditions for the application of IFRS 3 exist, please refer to the section \u201cBusiness combinations\u201d. All the financial statements of the companies included in the scope of consolidation are expressed in euro, adjusted, where necessary, to make them consistent with the accounting principles applied by the Parent Company. Fully consolidated subsidiariesThe Group defines another entity as a subsidiary when it:\u2022 has the power to make decisions concerning the investee entity;\u2022 is entitled to receive a share of or is exposed to the variable profits and losses of the investee entity;\u2022 is able to exercise power over the investee entity in such a way as to affect the amount of its economic returns.Figures relating to subsidiaries are included in the consolidated financial statements, based on standardised accounting principles, from the date on which the Company assumes direct or indirect control over them until the date on which said control ceases to exist. The assets, liabilities, income and expenses of consolidated companies are fully incorporated line-by-line in the consolidated financial statements (full consolidation method). Unrealised gains from transactions between consolidated companies are derecognised, as are receivables, payables, income, expenses, guarantees, commitments and risks between consolidated companies. The portion pertaining to the Group of unrealised gains with companies valued using the equity method is derecognised. In both cases, intragroup losses are not derecognised because they are considered to represent the impairment loss on the transferred asset.Changes in equity investments held directly or indirectly by the Company in subsidiaries that do not result in a change in the qualification of the investment as a subsidiary are recorded directly in equity as transactions with shareholders. The book value of the equity attributable to Parent company shareholders and non-controlling interests are adjusted to reflect the change in the equity investment ownership. The difference between the book value of minority interests and the fair value of the consideration paid or received is recorded directly under equity attributable to Parent company shareholders.Otherwise, the selling of interests entailing loss of control requires the posting to the income statement of: (i) any capital gains or losses calculated as the difference between the consideration received and the corresponding portion of shareholders\u2019 equity transferred; (ii) the effect of the alignment to the fair value of any residual equity investment maintained; (iii) any amounts posted to other components in the comprehensive income statement relating to the former subsidiary that will be reclassified to the income statement. The fair value of any equity investment maintained at the date of loss of control represents the new reference value for the successive valuation of the equity investment according to the applicable valuation criteria.Associates and joint ventures accounted for using the equity methodAn associate is an investee in which the Group has significant influence, i.e., the power to participate in determining the financial and operating policies of the associate company, without, however, having control or 2joint control over it. It is assumed that the investor has significant influence (unless there is proof to the contrary) which is presumed to exist when the investment held is at least 20% of the exercisable voting rights.A joint venture is a joint arrangement in which the parties that hold joint control have rights to the net assets subject to the arrangement and, therefore, have an interest in the jointly controlled corporate vehicle.Equity investments in associates and joint ventures are measured using the equity method, whereby the investments are initially recognised at cost and subsequently adjusted to take account of:(i) the investor\u2019s share in the economic results of the investee after the acquisition date;(ii) the investor\u2019s share of the other components in the comprehensive income statement of the investee.Dividends distributed by the investee are recognised net of the book value of the equity investment. For the purposes of applying the equity method, the adjustments provided for the consolidation process are taken into account (see also the previous point on fully consolidated subsidiaries).The sale of investment that results in loss of joint control or significant influence over the investee determines the recognition of the following in the income statement: (i) any capital gains or losses calculated as the difference between the consideration received and the corresponding fraction of the book value of the investment sold; (ii) the effect of the alignment to the fair value of any residual equity investment maintained; (iii) any amounts posted to other components in the comprehensive income statement relating to the investee entity that will be reclassified to the income statement. The value of any equity investment maintained, aligned with the relative fair value at the date of loss of joint control or significant influence, represents the new reference value for the successive valuation according to the applicable valuation criteria. If there is objective evidence of impairment, the Group performs an impairment assessment by comparing the book value with the related recoverable amount and recognises the difference in the income statement under \u201cShare of profit or loss of investments accounted for using the equity method\u201d. If the Group\u2019s share of the loss exceeds the book value of the investment, the latter is written 2 Joint control is the contractual sharing of control pursuant to an agreement, which exists only where the unanimous consent of all the parties that share power is required for decisions relating to significant activities.off and any excess is recognised in a specific provision, if the investor is obliged to meet the legal or constructive obligations of the investee or otherwise cover its losses. When the reasons for the impairment losses no longer apply, equity investments are revalued up to the amount of the impairment losses entered, with the effect posted to the income statement under the above item.The parent company\u2019s share of any losses of the investee company, greater than the investment\u2019s book value, is recognised in a special provision to the extent that the parent company is committed to fulfilling its legal or implied obligations to the investee, or, in any event, to covering its losses. Business combinationsBusiness combinations are transactions with which the group acquires control of a business. To determine whether a particular set of acquired assets and activities meets the definition of a \u201cbusiness\u201d, the Group examines whether that set comprises, at least, a production factor and a substantial process and whether it has the ability to generate production. Business combinations are accounted for by applying the acquisition method, whereby the consideration transferred at the date of acquisition of control is equal to the fair value of the assets transferred, the liabilities incurred or taken on, and any equity instruments issued. The consideration transferred also includes the current value of any deferred fixed payments and the fair value of any contingent considerations (e.g earn-outs). If the contingent consideration meets the definition of an equity instrument, it is classified as shareholders\u2019 equity and is not measured thereafter. Other contingent considerations are recognised as a liabilities and are measured at fair value at each financial year-end; changes in fair value are recognised in the income statement.Costs directly attributable to the transaction, other than those related to the issue of debt or equity instruments, are recognised in the income statement when they are incurred.The shareholders\u2019 equity of these associate companies is determined by attributing to each asset and liability its fair value at the date of acquisition of control. If positive, any difference from the consideration transferred is posted to the asset item \u201cGoodwill\u201d; if negative, it is posted instead to the income statement.Where total control is not acquired, the share of equity attributable to minority interests is determined based on the share of the current values attributed to assets and liabilities at the date of acquisition of control, net of any goodwill (the \u201cpartial goodwill method\u201d). Alternatively, the full amount of the goodwill generated by the acquisition is recognised, therefore also taking into account the portion attributable to minority interests (the \u201cfull goodwill method\u201d). In this case, non-controlling interests are expressed at their total fair value, including the attributable share of goodwill. The choice of how to determine goodwill (Partial goodwill method or full goodwill method) is based on each individual business combination transaction.If control is assumed in successive stages, the consideration transferred is determined by adding together the fair value of the equity investment previously held in the acquired company and the amount paid to acquire the additional equity investment. The difference between the fair value of the previously held equity investment (redetermined at the time of acquisition of control) and the relative book value is posted to the income statement. Upon acquisition of control, any components previously recognised under other components in the comprehensive income statement are posted to the income statement or to another item of shareholders\u2019 equity, if no provisions are made for classification in the income statement.When the values of the assets and liabilities of the acquired entity are determined provisionally in the financial year in which the business combination is concluded, the figures recorded are adjusted, with retroactive effect, no later than 12 months after the acquisition date, to take into account new information about facts and circumstances in existence at the acquisition date.Business combinations involving entities under joint controlBusiness combinations involving companies that are definitively controlled by the same company or companies before and after the transaction, and where such control is not temporary, are classed as \u201cBusiness combinations of entities under common control\u201d, whose accounting is not specifically disclosed in IFRSs. In the absence of a reference accounting standard, the selection of an accounting standard for such transactions, for which a significant influence on future cash flows cannot be established, is guided by the principle of prudence, which leads to the application of the criterion of continuity of values of the net assets acquired. The assets are measured at the book values from the financial statements of the companies being acquired (or the vendor company) before the transaction or, alternatively, at the values from the consolidated financial statements of the common ultimate parent.With regard to the sale of business, the treatment of the difference between the contractually defined consideration and the carrying amounts of the transferred business is differentiated depending on the entities involved in the transfer.With regard to contributions involving businesses under common control, on the other hand, irrespective of the pre-existing investment relationship, the transferee entity recognises the transferred business at its historical carrying value, increasing its own equity by an equal amount; the transferring entity shall recognise the investment in the transferee entity at an amount equal to the increase in the latter\u2019s shareholders\u2019 equity. This accounting treatment refers to the proposal by Assirevi in the Preliminary Guidelines on IFRS (OPI No. 1 Revised) - \u201cAccounting treatment of business combinations of entities under common control in the separate and consolidated financial statements\u201d issued in October 2016. Accounting treatment of put options written on the shares of subsidiariesTherefore, if the Group does not have the unconditional right to avoid delivery of cash or other financial instruments when a put option on shares in subsidiaries is exercised, a financial liability equal to the current value of the option exercise price is recognised and subsequent changes in the financial liability are recognised in the income statement. The same accounting treatment is applicable when, in addition to a put option, there is also the simultaneous presence of a symmetrical call option, the so-called \u201csymmetrical put and call options related to non-controlling interest\u201d.Snam considers that shares subject to put options (or symmetrical put and call options) have already been acquired by the Group, in cases where the economic benefits and risks associated with the actual ownership of the shares do not remain with the minority shareholders; therefore, in such circumstances, it does not recognise minority interests in the consolidated financial statements.5.2 Property, plant and equipment Recognition and measurement of property assetsProperty, plant and equipment are measured at cost, less accumulated depreciation and impairment losses. When a significant period of time is needed before the asset is ready for use, financial expenses incurred during the asset preparation period are also capitalised in the cost of the asset.If there are current obligations for dismantling and removal the assets and restore the sites, the book value includes the estimated (discounted) costs to be incurred at the time that the structures are abandoned, recognised as a contra-entry to a specific provision. The accounting treatment for revisions in these cost estimates, the passage of time and the discount rate are indicated in the Note 5.9 \u201cProvisions for risks and charges, contingent liabilities and contingent assets\u201d.Subsequent costs of improvements, upgrades and transformations to/ of property, plant and equipment are capitalised when it is likely that they will increase the future economic benefits expected. Costs are also capitalised when related to items purchased for security or environmental reasons which, although not directly improving the future economic benefits of existing assets, are necessary to carry out the company\u2019s operations.Property, plant and equipment includes: (i) with regard to natural gas transportation, the value relating to the quantities of natural gas injected to bring natural gas pipelines into service. The valuation is carried out using the weighted average purchase price method. Specifically, the component of this quantity that can no longer be extracted (the \u201cinitial line pack\u201d) is depreciated over the useful life of the plant to which it refers. On the contrary, the commercial component, which is eventually transferable to the market or can be put to alternative uses (the so-called \u201cOperating line pack\u201d), is not subject to depreciation, since by its nature it cannot depreciate; (ii) in the context of natural gas storage, the part of the gas injected into the storage wells as cushion gas.Recognition and measurement of leased assetsA contract is or contains a lease if it gives an entity the right to control the use of an identified asset for a certain period of time in exchange for a fee. For all leases that run for more than 12 months, relating to non- low value 3assets, the following elements are recognised in the balance sheet at the effective date, i.e. when the asset is available for use:(i) an asset, under Property, plant and equipment, representing the right to use the asset, and (ii) a financial liability, representing the obligation to make 3 The Group considers low-value assets to be all assets worth 25 thousand euros or less. the payments under the contract (also referred to as the \u201clease liability\u201d). In determining the duration of the lease, the group considers the non-cancellable period of the contract and, when it believes there is reasonable certainty, also the additional periods for the exercise of renewal options or the non-exercise of early termination options provided in the contract.Liabilities for leases are recognised initially at an amount equal to the current value of the following lease payments not yet made at the lease commencement date: (i) fixed (or substantially fixed) payments, net of any incentives to be received; (ii) variable payments that depend on trends in rates or indices;(iii) estimated future payments for any residual value guarantees, for the exercise of the purchase option and for any penalties related to the early termination of the contract, if the group considers the exercise of such options to be reasonably certain.The current value of the payments is calculated using a discount rate equal to the group\u2019s marginal borrowing rate taking into account the frequency and duration of payments under the lease agreement.Subsequent to initial recognition, the lease liability is measured at amortised cost and is redetermined, against the book value of the right-of-use asset, when there is a change in the lease payments due as a result of: (i) contract renegotiations;(ii) changes in rates or indices; (iii) changes in measurement made regarding the exercise of contractually-provided options (e.g. purchase of the leased asset or the extension or early termination of the contract).The right-of-use asset is initially recognised at cost, determined as the sum of the following components: (i) the initial amount of the finance lease liability; (ii) the initial direct costs incurred by the lessee; (iii) any payments made on or before the lease commencement date, net of any incentives received by the lessor; (iv) the best estimate of the costs that the group expects to incur for the dismantling and removal of the asset and for the possible restoration of the site (i.e. the costs for restoring the asset to the conditions established in the contract). After the initial recognition, the right-of-use asset is adjusted to take account of:(i) depreciation and amortisation expense;(ii) the related effects and any restatements of the financial lease liability; (ii) the related effects and any restatements of the financial lease liability.Depreciation of property, plant and equipment Starting when the asset is available and ready for use, owned and leased property, plant and equipment is systematically depreciated on a straight-line basis over its useful life, defined as the period of time in which it is expected that the company may use the asset. The amount to be depreciated is the book value, reduced by the projected net realisable value at the end of the asset\u2019s useful life, if this is significant and can be reasonably determined.The table below shows the annual depreciation rates used for the year in question, broken down into homogeneous categories, 4together with the relevant period of application:Annual economic-technical depreciation rate (%) Land not depreciatedBuildings 2Plant and machinery \u2013 Transportation- Methane pipelines 2 or higher depending on the residual useful life- Compression stations 5 or higher depending on the residual useful life- Gas reduction and regulation plants 5 or higher depending on the residual useful life- Radio links 25-Monitoring and control instruments and systems 5 or higher depending on the residual useful lifePlant and machinery \u2013 Storage- Pipelines 2- Treatment plants 4- Compression stations 5- Storage wells 1.66-Monitoring and control instruments and systems 5Plant and machinery \u2013 regasification- Regasification plants 4 or higher depending on the residual useful life- Tanks and oil pipelines 4 or higher depending on the residual useful lifePlant and machinery - Biogas/Biomethane- Biogas/biomethane plants 6.7 or depending on the duration of the concessionOther assetsCentralised IT infrastructures 20Other plant and equipment 2.5-12.5Measuring equipment 5Industrial and Commercial Equipment 10-35Other assets 10-33Rights of use for leased assets < between economic-technical life and contract durationWhen an item recorded under property, plant and equipment consists of several significant components with different useful lives, a component approach is adopted, whereby each individual component depreciates separately.4 The application rate or internal could be higher depending on the residual life following business combination acquisitions and/or transactions. 5.3 Intangible assets and goodwillRecognition and measurement of intangible assets and goodwillIntangible assets are those non monetary assets without identifiable physical form, are controlled by the group and are capable of generating future economic benefits. They are recognised at cost net of amortisation and any accumulated impairment losses.Goodwill arising from the acquisition of subsidiaries is measured at cost less impairment losses cumulated.Technical development costs are capitalised as intangible assets when: (i) the cost attributable to the intangible asset can be reliably determined; (ii) there is the intent, availability of financial resources and technical capability to make the asset available for use or sale; and (iii) it can be shown that the asset is capable of producing future economic benefits.Alternatively, costs for the acquisition of new knowledge or discoveries, investigations into products or alternative processes, new techniques or models, or the design and construction of prototypes, or incurred for other scientific research or technological developments, which do not meet the conditions for capitalisation are considered current costs and charged to the income statement for the period in which they are incurred.The book value of the storage concessions represents the reserves of natural gas in the fields (so-called cushion gas), which does undergo depreciation, because: (i) the volume of this gas is not changed by the storage activity; (ii) the economic value of the gas that can be recovered at the end of the concession, in accordance with the provisions of the Ministerial Decree of 3 November 2005 \u201cCriteria for determining an adequate consideration for the remuneration of assets allocated to a concessionaire for the storage of natural gas\u201d of the Ministry of Productive Activities (MAP), is not less than the value recorded in the financial statements.Amortisation of intangible assets with finite useful life Intangible assets with a finite useful life are amortised systematically over their useful life, which is understood to be the period of time in which it is expected that the company may use the asset.The table below shows the annual depreciation rates used for the year in question, broken down into homogeneous categories, together with the relevant period of application:Annual economic-technical depreciation rate (%) Storage concessions non-amortised: residual value greater than book valueInformation systems 20-33Other intangible fixed assets 20 or based on the duration of the contract5.4 Public and private grantsCapital grants given by public authorities are recognised when there is reasonable certainty that the conditions imposed by the granting government agencies for their allocation will be met, and they are recognised as a reduction to the purchase or production cost of their related assets. Similarly, capital grants received from private entities are recognised in accordance with the same regulatory provisions.Operating grants are recognised in the income statement on an accruals basis, consistent with the relative costs incurred.5.5 Impairment of non-financial assets Impairment of tangible and intangible assets with finite useful lifeAt least once a year, non-financial, tangible and intangible assets with a finite useful life are analysed to uncover any indicators of impairment. When there are indications that an impairment loss may exist or when events occur leading to the assumption of impairment of property, plant and equipment or intangible assets with a finite useful life, their recoverability is tested by comparing the book value with the related recoverable value, which is the fair value, net of disposal costs(see paragraph 5.8 \u201cMeasurement at fair value\u201d), or the value in use, whichever is greater.The recoverable amount, in the value in use configuration, is determined by discounting projected cash flows resulting from the use of the asset and, if they are significant and can be reasonably determined, from its sale at the end of its useful life, net of any disposal costs.With reference to the Transportation (Snam Rete Gas), Regasification (LNG) and Storage (Stogit) CGUs, the recoverable value was defined as corresponding to the estimated value of the Net Invested Capital recognised to these assets for tariff 5purposes (RAB - Regulatory Asset Base) by the Regulatory Authority for Energy, Networks and the Environment (ARERA), net of the flat-rate components, of the Employee Severance Indemnity (TFR) and of the contributions received.The measurement is made on a per-asset basis or for the smallest identifiable set of assets that, through its own continuous use, generates cash inflows that are largely independent of those of other assets or groups of assets (Cash Generating Units - CGUs). Expected cash flows are determined on the basis of reasonable and documentable assumptions representative of the best estimate of the future economic conditions of the asset or groups of assets, giving greater importance to indications from the outside. Discounting is done at a rate reflecting current market conditions for the time value of money and specific risks of the asset not reflected in the estimated cash flows. If the book value of the asset or CGU is greater than its recoverable amount, an impairment loss is recognised in the income statement; a CGU\u2019s impairment losses are first recognised as a reduction in the book value of any goodwill (see next point \u201cImpairment of goodwill and intangible assets not yet available for use\u201d) allocated to it and then as a reduction in the book value of the other assets of the CGU, in proportion to their respective carrying amounts. The book value of each Cash Generating Unit (or grouping of CGUs), consistently with the prevailing valuation practice, is equal to the respective Net Invested Capital recorded at the level of Snam\u2019s consolidated financial statements at the reference date for carrying out the impairment test.If the conditions for a previously effected impairment no longer apply, the book value of the asset (except for goodwill) is restored with recognition in the income statement (recovery of value), within the limits of the net book value that the asset in question would have had if the impairment had not been carried out and any related amortisation had been carried out. If certain specific assets held by the Group are affected by unfavourable operating or economic conditions that may compromise their ability to contribute to the realisation of cash flows, they may be subject to an independent recoverability analysis and impaired, if necessary. Impairment of goodwill, intangible assets with an indefinite useful life and intangible assets not yet available for use.The recoverability of the book value of goodwill, of intangible assets with an indefinite useful life and intangible assets not yet available for use is tested at least annually, and in any case when events occur leading to an assumption of impairment.Pursuant to the provisions of IFRS 3, in the context of business combinations, the acquirer, at the acquisition date, recognises all assets, liabilities and identifiable contingent liabilities under the acquisition at their fair values; any remaining positive difference with respect to the acquisition cost is recognized in the asset item Goodwill, and any negative difference is recognised in the income statement.5 The RAB is the reference basis for the determination of the service tariffs and, therefore, of the cash flows generated by the activities. The value of the RAB is defined through the historical cost method revalued as regards the Fixed capital, and on a flat rate basis for the working capital, the employee severance indemnity and, with reference to the storage segment, the provision for decommissioning and site restoration.For the purpose of the impairment test, goodwill is allocated, as from the date of acquisition, to each Cash Generating Unit, or group of CGUs, that is expected to benefit from the synergies of the combination. After its initial recognition, goodwill is not amortised but is instead subject to a recoverability test at least annually by determining the recoverable value of the CGU or group of CGUs to which it is allocated (following the procedures described in the note \u201cImpairment of tangible and intangible assets of finite useful life\u201d); this is then compared to the book value of the CGU itself (or group of CGUs). The book value of each Cash Generating Unit (or grouping of CGUs), consistently with the prevailing valuation practice, is equal to the respective Net Invested Capital recorded at the level of Snam\u2019s consolidated financial statements at the reference date for carrying out the impairment test.When the book value of the CGU (or group of CGUs), including the goodwill attributed to it, exceeds the recoverable value, the difference is subject to impairment, which is attributed by priority to the goodwill up to its amount; any surplus in the impairment with respect to the goodwill is attributed pro rata to the book value of the assets constituting the CGU (or group of CGUs). Goodwill write-downs are not reversed, even if the reasons for the write- down no longer apply in subsequent years. Reduction in value of Equity investmentsWhen there are indications that an impairment loss may exist or when events occur leading to the assumption of impairment of investments, their recoverability is tested by comparing the book value with the related recoverable value, which is the fair value, net of disposal costs (see paragraph 5.8 \u201cMeasurement at fair value\u201d), and the value in use, determined through the application of the 6Dividend Discount Model (DDM) or Discounted Cash Flow(DCF) method, (the present value of the expected cash flows is determined in accordance with the provisions of the previous paragraph \u201cImpairment of tangible and intangible assets with a finite useful life\u201d). The application of the Dividend Discount Model (DDM) provides that the recoverable value, in the configuration of the value in use, is determined by discounting the expected dividend flows on the basis of the forecast plans of the investee companies drawn up according to reasonable and documentable assumptions, discounted at the cost of the capital (Ke) which includes any specific risks not reflected in the estimated cash flows.6 If the Discounted Cash Flow (DCF) method is used, the results are adjusted for the respective net financial positions.5.6 InventoriesInventories, including compulsory inventories, are recorded at the lower of purchase or production cost and net realizable value, which is the amount that the entity expects to receive from their sale in the normal course of business, net of the estimated costs for the completion and the realisation of the sale.The cost of natural gas inventories is determined using the weighted average cost method.It should be noted that any transactions involving strategic gas, which are subject to prior authorisation by the MED, entail a withdrawal and subsequent replenishment of the quantities of gas from the strategic reserve, not resulting in 7any movement of the stock. 5.7 Financial instrumentsFinancial instruments are defined as any contract that gives rise to a financial asset, financial liability or equity instrument, which are recognized and measured in accordance with IAS 32 \"Financial Instruments: Presentation\" and IFRS 9 \"Financial Instruments.\" Financial instruments include, cash and cash equivalents, short-term and long-term financial receivables and payables, trade receivables and payables, bonds held and issued, equity investments that do not constitute control, associates or joint control (so-called minority interests) and derivative instruments.Cash and cash equivalentsCash and cash equivalents include cash amounts, on demand deposits, and other short-term financial assets with a term of less than three months, which are readily convertible into cash and for which the risk of a change in value is negligible. They are recorded at nominal value, corresponding to fair value.Financial assets - Initial recognitionA financial asset (or financial liability) is recognized in the financial statements when, and only when, the Group becomes a party to the contractual terms of the instrument (i.e., at the trade date).Initial recognition is at fair value, increased, for financial assets other than those measured at fair value with the effects charged to the income statement, by directly attributable transaction costs. For trade receivables without a significant financial component, the initial recognition value of which is the transaction price (as defined by IFRS 15).7 Or the risk, the timing or the amount of the future cash flows of the entity are not intended to change following these transactions (IFRS 15.9d)At initial recognition, financial assets are classified into the following categories: (i) financial assets measured at amortized cost; (ii) financial assets measured at fair value with the effects charged to other comprehensive income (hereinafter also FVTOCI); and (iii) financial assets measured at fair value with the effects charged to the income statement, because of:\u2022 the business model identified for the management of financial assets (so-called \u201cBusiness Model\u201d);\u2022 the characteristics relating to the contractual cash flows of the financial asset, i.e., whether the cash flows generated by the financial asset consist solely of principal payments and accrued interest on the amount of principal to be repaid. The Business Model for financial asset management determines whether cash flows will come from (i) the collection of cash under the contract, (ii) the sale of financial assets, or (iii) both.The test, aimed at determining whether the instrument generates cash flows representing solely payments of principal and interest (so-called \"Solely Payments of Principal and Interest\") and is referred to as the \"SPPI test\" and is performed at the individual instrument level.Financial assets \u2013 Subsequent measurementFinancial assets measured at amortised costFinancial assets at amortized cost mainly include trade receivables, other receivables, and financial receivables. Financial assets at amortized cost are held as part of a business model whose objective is to collect cash flows in accordance with contractual terms, represented exclusively by principal and interest on principal to be repaid at specific dates (so-called Hold To Collect business model).These assets, as indicated, are initially recognized at fair 8value, adjusted for transaction costs where appropriate, and subsequently measured at amortized cost using the effective interest rate.According to the amortised cost method the initial book value is then adjusted to account for repayments of principal, any impairments for credit losses and the amortisation of the difference between the repayment amount and the initial book value.Amortisation is carried out using the effective internal interest rate, which represents the rate that would make the present value of projected cash flows and the initial recognition value equal at the time of the initial recording.Financial assets valued at the amortised cost are presented in the statement of financial position net of the related 8 Except for trade receivables where, if they lack a significant financial component, they are initially recognized at transaction price (as defined in IFRS 15).provision for impairment losses.Transferred financial assets are derecognised from the balance sheet assets when the contractual rights to obtain the cash flows associated with the financial instrument expire, or all risks and rewards associated with the transferred receivable are transferred to a third party in accordance with the guidance on derecognition of financial assets set forth in IFRS 9.For financial assets measured at amortized cost, interest income determined on the basis of the effective interest rate, foreign exchange differences, and write-downs (including gains and losses from derecognition or modification of the asset) are recognized in the income statement.With specific reference to trade receivables, in order to measure Expected Credit Losses (\"ECLs\"), a valuation is made using the so-called \"simplified approach\" provided by IFRS 9, or - by virtue of the absence of a significant financial component - by estimating expected losses over the life of the receivable (\"lifetime ECLs\").The assessment of the recoverability of trade receivables is made on both an individual and collective basis depending on the type of counterparty and whether there is reasonable and demonstrable information available to make an assessment at the individual instrument level.The group applies a specific definition of default, determined by taking into account the characteristics of the operating segments to which the subsidiaries belong as well as the riskiness of the receivables and customers being assessed. Therefore, beyond the time limit of default, trade receivables are assumed to be impaired (i.e. credit-impaired).In particular, expected losses are generally determined on the basis of the product between: (i) the amount of exposure to the counterparty at the time of default (so-called 'Exposure At Default' or 'EAD');(ii) the probability that the counterparty will default on its payment obligations (so-called Probability of Default or PD); (iii) the estimate, in percentage terms, of the amount of credit that will not be recovered in the event of default (so-called Loss Given Default or LGD).With regard to the ECL parameters listed above, the group considers the following assumptions:(i) PD is determined according to the type of counterparty on the basis of:\u2022 qualified external providers (e.g. for listed companies);\u2022 regional ratings (e.g. for public administration) by leading rating agencies;\u2022 average default rate calculated for groups of customers broken down by common credit risk (so-called 'cluster') considering historical data over a period of at least 24 months; (ii) the LGD is obtained on the basis of market standards that assess the recovery rate of the exposure depending on the region and sector of the counterparty (e.g. corporate, government and retail);(iii) the EAD is determined to be equal to the face value of the claim at the valuation date, less any related mitigating factor, including any amounts pledged as collateral.In the case of credit exposures in litigation and where detailed information is available on the recoverability of the exposure, analytical assessments are performed in order to better reflect the actual riskiness of the position in the determination of expected losses. The exposures for which credit recovery actions have been activated through legal/court proceedings are defined as litigation.Impairments of trade receivables and other receivables are recognised in the income statement, net of any write-backs, under the item \u201cOther operating expenses\u201d.Financial assets, measured at fair value with effects recognized in other comprehensive income (FVTOCI) Credits and Debt InstrumentsIf present, financial assets representing loans and debt instruments whose business model envisages the possibility of both collecting the contractual cash flows and realizing their value through sale (so-called Hold to Collect and Sell, or Mixed, Business Model) are measured at fair value with the effects charged to OCI (so-called FVTOCI). Under this measurement criterion, interest income, calculated using the effective interest rate, exchange rate differences and impairment losses are recognized in the income statement; changes in the fair value of the instrument are recognized in equity, among other components of comprehensive income.When a financial asset is derecognized (e.g., upon sale), the cumulative amount of changes in fair value, up to that point recognized in OCI, are reclassified to the income statement.The rationale behind the determination of fair value is explained in Note No. 5.8 \"Significant Accounting Policies\" - \"Fair Value Measurement,\" respectively.Financial assets measured at fair value with effects charged to the income statementCredits and Debt InstrumentsThe category of financial assets measured at fair value through profit or loss (so-called FVTPL) includes:\u2022 financial assets with cash flows that are not represented exclusively by principal and interest payments, regardless of the business model (financial assets that do not pass the SPPI test);\u2022 financial assets held for trading because they are purchased or held primarily for the purpose of being sold (financial assets that pass SPPI test but held under a so-called Business Model Trading)\u2022 financial assets for which the entity voluntarily adopts the so-called Conditional Fair Value Option (these are financial assets that pass the SPPI Test and for which despite the Business Model being Hold to Collect or Mixed, the company decides to exercise the option granted by IFRS 9 that allows the financial asset to be valued at FVTPL).Where present, credits arising from invoice rebates to customers in the energy efficiency business (pertaining to so-called \"Ecobonus\" and \"Superbonus\") - and which are converted into tax credits - if held with the objective of realizing cash flows through sale (so-called \"Other\" Business Model) are measured at fair value with the effects charged to the income statement (so-called FVTPL).The rationale behind the determination of fair value is explained in Note No. 5.8 \"Significant Accounting Policies\" - \"Fair Value Measurement,\" respectively.Minority interestFinancial assets representing minority interests, which are not held for trading purposes, are measured at fair value alternatively with recognition of the effects: (i) in the income statement (so-called fair value measurement recognized in the income statement or FVTPL) or in the equity reserve that holds the other components of comprehensive income, without provision for their reclassification to the income statement in the event of realization (so-called fair value measurement recognized in the statement of comprehensive income or FVTOCI).This classification can be made on a security-by-security basis, only upon initial recognition, and is irrevocable.Dividends from such equity investments are recognized in the income statement under \"Income (expense) on equity investments,\" unless the dividend clearly represents a recovery of part of the cost of the investment; in which case the dividend is recognized as a direct reduction of the carrying amount of the equity investment. Valuation at cost of a minority investment is permitted in the limited cases where cost represents an adequate estimate of fair value.The rationale behind the determination of fair value is explained in Note No. 5.8 \"Significant Accounting Policies\" - \"Fair Value Measurement,\" respectively.Financial liabilitiesFinancial liabilities, unlike derivative instruments, including financial debt, trade payables and other payables, are initially recorded at fair value less any transaction- related costs; they are subsequently recognised at amortised cost using the effective interest rate for discounting purposes, as demonstrated in the previous point \"Financial assets valued at amortized cost\u201d.Financial liabilities are derecognized upon extinguishment or upon fulfilment, cancellation or maturity of the contractual obligation. Offsetting a financial asset and a financial liabilityFinancial assets and liabilities are offset in the statement of financial position when there is a currently legally enforceable right to set-off and the intention either to settle the relationship on a net basis (i.e. to realise the asset and settle the liability simultaneously). Derivative financial instruments and hedge accountingDerivative financial instruments, including embedded derivatives, are assets and liabilities recognised at fair value. Under the scope of the strategy and objectives defined for risk management, the qualification of transactions as hedging requires: (i) the verification of the existence of an economic relationship between the object hedged and the hedging instrument for the purpose of offsetting the changes in value and ensuring this offsetting capacity is not invalidated by the level of counterparty credit risk; (ii) the definition of a hedge ratio consistent with the risk management objectives, under the scope of the risk management strategy defined, where necessary activating the appropriate rebalancing actions. The amendments of the risk management objectives, the disappearance of the conditions indicated previously for the qualification of transactions as hedging or the activation of rebalancing operations cause the total or partial prospective discontinuation of the hedge.In order to qualify a transaction as a hedge, at the start of the hedge a formal document is prepared that illustrates the strategies and objectives of the risk management and identifies the hedging instrument, the instrument hedged, the nature of the risk hedged and the methods through which the evaluation of whether the hedge relationship satisfies the hedge effectiveness requirements takes place.When hedging derivatives hedge the risk of changes in the fair value of the hedged instruments (\u201cfair value hedge\u201d; e.g. hedge of the risk of fluctuations in the fair value of fixed-rate assets/liabilities), the derivatives are recognised at fair value with attribution of the effects on the income statement; by the same token, the hedged instruments are adjusted to reflect in the income statement the changes in fair value associated with the hedged risk, regardless of the provision of a different valuation criterion generally applicable to the instrument type.The group subscribes to derivative instruments to cover the risk of changes in cash flows (cash flow hedges) as a result of fluctuations in interest rate or exchange rates. Changes in the fair value of hedging derivatives considered effective are initially recognised in the shareholders\u2019 equity reserve relating to other components in the comprehensive income statement and are subsequently reclassified to profit or loss in line with the economic effects produced by the hedged transaction. In the case of hedging future transactions that involve the recording of a non-financial asset or liability, the cumulative variations of the fair value of the hedge derivatives, recognised in shareholders\u2019 equity, are recognised in the adjustment of the book value of the non- financial asset/liability subject to hedging (basis adjustment).The ineffective portion of the hedge and the changes in the fair value of derivatives that do not meet the qualifying conditions for hedging are recognised in the income statement. Treasury sharesTreasury shares, including those held to service share-based payment plans (share incentive plans), are measured at cost and entered as a reduction of shareholders\u2019 equity. The economic effects arising from any subsequent sales are recognised in shareholders\u2019 equity.Distribution of dividendsThe distribution of dividends to the Company\u2019s shareholders entails the recording of a payable in the financial statements for the period in which distribution was approved by the Company\u2019s shareholders or, in the case of interim dividends, by the Board of Directors.5.8 Fair value measurementThe fair value is the amount that may be received for the sale of an asset or that may be paid for the transfer of a liability in a regular transaction between market operators as at the valuation date (i.e. exit price).The fair value of an asset or liability is determined by adopting the valuations that market operators would use to determine the price of the asset or liability. A fair value measurement also assumes that the asset or liability would be traded on the main market or, failing that, on the most advantageous market to which the Company has access.The fair value of a non-financial asset is determined by considering the capacity of market operators to generate economic benefits by putting the asset to its maximum and best use or by selling it to another market participant capable of using it in such a way as to maximise its value. The maximum and best use of an asset is determined from the perspective of market operators, also hypothesising that the company intends to put it to a different use; the current use by the company of a non-financial asset is assumed to be the maximum and best use of this asset, unless the market or other factors suggest that a different use by market operators would maximise its value.The fair-value measurement of a financial or non-financial liability, or of an equity instrument, takes into account the quoted price for the transfer of an identical or similar liability or equity instrument; if this quoted price is not available, the valuation of a corresponding asset held by a market operator as at the valuation date is taken into account. The fair value of financial instruments considers the credit risk of the counterparty for financial assets (through a \u201cCredit Valuation Adjustment\u201d - CVA) and the entity\u2019s own risk of default for financial liabilities (through a \u201cDebit Valuation Adjustment\u201d - DVA).When determining fair value, a hierarchy is set out consisting of criteria based on the origin, type and quality of the information used in the calculation. This classification aims to establish a hierarchy in terms of the reliability of the fair value, giving precedence to the use of parameters that can be observed on the market and that reflect the assumptions that market participants would use when valuing the asset/liability. The fair value hierarchy includes the following levels:\u2022 level 1: listed prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;\u2022 level 2: inputs, other than the quoted prices included in Level 1, that can be directly or indirectly observed for the assets or liabilities to be valued;\u2022 level 3: inputs for assets or liabilities that are not based on observable market data.In the absence of available market quotations, the fair value is determined by using valuation techniques suitable for each individual case that maximise the use of significant observable inputs, whilst minimising the use of non-observable inputs.5.9 Provision for risks and charges, contingent liabilities and contingent assetsProvisions for risks and charges concern costs and charges of a certain nature which are certain or likely to be incurred, but for which the amount or date of occurrence cannot be determined at the end of the year.The provisions are recognised when: (i) the existence of a current legal or implied obligation arising from a past event is probable; (ii) it is probable that the fulfilment of the obligation will involve a cost; and (iii) the amount of the obligation can be reliably determined. Provisions are recorded at the value representing the best estimate of the amount that the Company would reasonably pay to fulfil the obligation or to transfer it to third parties at the end of the reporting period.Provisions related to contracts with valuable consideration are recorded at the lower of the cost necessary to fulfil the obligation, less the expected economic benefits arising from the contract, and the cost of terminating the contract.When the financial impact of time is significant, and the payment dates of the obligations can be reliably estimated, the provision is calculated by discounting the anticipated cash flows in consideration of the risks associated with the obligation at the Company\u2019s average debt rate; the increase in the provision due to the passing of time is posted to the income statement under \u201cFinancial income (expense)\u201d.When the liability is related to items of property, plant and equipment (e.g. decommissioning and site restoration), the provision is recognised as a counter-entry to the related asset, and posting to the income statement is accomplished through amortisation. The costs that the Company expects to incur to initiate restructuring programmes are recorded in the period in which the programme is formally defined, and the parties concerned have a valid expectation that the restructuring will take place.Provisions are periodically updated to reflect changes in cost estimates, selling periods and the discount rate; revisions in provision estimates are allocated to the same item of the income statement where the provision was previously reported or, when the liability is related to property, plant and equipment (e.g. site dismantling and restoration), as a contra-entry to the related asset, up to the book value; any surplus is posted to the income statement.The notes to the financial statements describe contingent liabilities represented by: (i) possible (but not probable) obligations resulting from past events, the existence of which will be confirmed only if one or more future uncertain events occur which are partially or fully outside the Company\u2019s control; and (ii) current obligations resulting from past events, the amount of which cannot be reliably estimated, or the fulfilment of which is not likely to involve costs.Contingent assets, or possible assets that result from past events and whose existence will only be confirmed when one or more uncertain future events, not totally under the control of the business, occur or do not occur, are not recognised unless obtaining the related benefits is virtually certain. If obtaining the benefits is probable, the contingent assets are illustrated in the notes to the financial statements.5.10 Non-current assets held for sale and discontinued operationsNon-current assets or disposal groups consisting of assets and liabilities are classified as held for sale if their book value will be recovered mainly by their sale rather than through continued use. This condition is regarded as fulfilled when the sale is highly probable and the asset or discontinued operations are available for immediate sale in their current condition. In the case of a programme for the sale of a subsidiary that results in loss of control, all assets and liabilities of that subsidiary are classified as held for sale, regardless of whether a non-controlling investment is maintained following the sale. Verification of compliance with the terms and conditions provided for classification of an item as held for sale requires management to make subjective valuations formulating reasonable and realistic assumptions based on the information available to it. Immediately prior to classification as held for sale, the assets and liabilities included in a disposal group are measured in accordance with the accounting standards applicable to them. Subsequently, non- current assets held for sale are not amortised or depreciated and are measured at the lower of book value and related fair value, less any sales costs (see paragraph 5.8 \u201cFair-value measurements\u201d above).The classification of investments accounted for using the equity method as held for sale implies the suspension of the application of this valuation criterion. Any negative difference between the book value of the non-current assets and their fair value less selling costs is posted to the income statement as an impairment loss; any subsequent recoveries in value are recognised up to the amount of the previously recognised impairment losses, including those recognised prior to the asset being classified as held for sale.Non-current assets and disposal group- related assets and liabilities held for sale are recognised in the statement of financial position separately from the group\u2019s other assets and liabilities.Non-current assets and disposal groups, classified as held for sale, constitute a discontinued operation if, alternatively: (i) they represent a significant autonomous business unit or a significant geographical area of operations; (ii) they are part of a plan to dispose of a significant autonomous business unit or a significant geographical area of operations; (iii) they relate to a subsidiary acquired exclusively to be sold. The economic results of discontinued operations, as well as any capital gains/losses realised on the disposal, are recorded separately in the Income Statement under a special item, net of related tax effects, including for the comparative periods.When events occur that no longer permit non-current assets or disposal groups to be classified as held for sale, they are reclassified to the respective items in the statement of financial position and recognised at the lower of the following: (i) the book value at the date of classification as held for sale; and (ii) the recoverable amount at the reclassification date.5.11 RevenueThe recognition of revenue from contracts with customers is based on the following five steps: (i) identification of the contract with the customer; (ii) identification of the performance obligation, represented by the contractual commitment to transfer goods and/or services to a customer; (iii) calculating of the transaction\u2019s price; (iv) allocating of the transaction price to the performance obligations identified based on the stand alone sales price of each of the goods or services; (v) measuring the revenue when the performance obligation is met, i.e. at the time of the transfer to the customer of the goods or services promised; the transfer is considered to be completed when the customer obtains control of the goods or service, which can take place over time or at a point in time.Revenues are measured for the amount equal to the fair value of the consideration which the business believes it has the right to in exchange for the goods and/or services promised to the customer, with the exception of amounts collected on behalf of third-parties. If there is a variable consideration, the business estimates the amount of the consideration it shall have the right to in exchange for the transfer of goods and/or services promised to the customer; specifically, the amount of the consideration can vary in the presence of discounts, incentives, concessions on the price, performance bonuses, penalties or if the actual price depends on certain future events taking place or not.Revenues from the Snam Group\u2019s ordinary operations mainly consist of services relating to the transportation, dispatching and storage of natural gas and the regasification of liquefied natural gas, which are recognised in the financial statements over the period in which the service is provided, whether the services are \u201cregulated\u201d or \u201cnon-regulated\u201d. The recognition of revenues for regulated services is conditioned and influenced by the regulatory framework defined by ARERA (Autorit\u00e0 di Regolazione per Energia Reti e Ambiente \u2013 Regulatory Authority for Energy Networks and the Environment). Therefore, the economic conditions of the services provided are defined through regulatory schemes and not on a negotiated basis. The revenue recognised in the income statement coincides with that recognised by the regulator (so-called \u201crevenue cap\u201d). As regards the transportation business segment, the difference between the revenue recognised by the regulator (so- called \u201crevenue cap\u201d) and that actually accrued is recorded, if positive, in the item of the statement of financial position \u201cTrade payables and other payables\u201d and, in the item \u201cTrade and other payables\u201d, as it will be subject to cash settlement with the Cassa per i Servizi Energetici e Ambientali (CSEA). In the Regasification and Storage segments any difference between the revenue recognised by the regulator and the accrued revenue is recognised in the balance sheet item \u201cTrade and other receivables\u201d, if positive, and in the item \u201cTrade payables and other payables\u201d, if negative, inasmuch as it will be subject to cash settlement with the Energy and Environmental Services Fund (CSEA).Non-regulated revenues mainly involve: (i) considerations for the construction of biogas and biomethane plants; (ii) technical- specialist services to unconsolidated foreign companies; (iii) the provision of services relating to energy efficiency projects; (iv) income from the rental and maintenance of fibre optic telecommunication cables; (v) the sale of CNG compressors for motor transport. The recognition of these revenues takes place over the service provision period.By virtue of the principle of neutrality defined by applicable regulations, transactions carried out on the balancing market generate neither costs nor revenue, as they are mere pass-through items. Any (positive or negative) differences from the usage of different prices for the transactions above will be neutralized by recognizing an asset or liability for CSEA, given that these differences are equalized by the latter. 5.12 Employee benefitsShort-term benefits for employeesShort-term benefits for employee are recognised as a cost at the time when the service is rendered. The Group recognises a liability, classified under \u201cTrade payables and other payables\u201d for the amount due to be paid when it has a current legal or constructive obligation to make such payments. Post-employment benefitsPost-employment benefits are defined according to programmes, including non- formalised programmes, which, depending on their characteristics, are classed as \u201cdefined-benefit\u201d or \u201cdefined-contribution\u201d plans.\u2022 Defined-benefit plansiThe liability associated with defined-benefit plans is determined by estimating the present value of the future benefits accrued by the employees during the current year and in previous years, and by calculating the fair value of any assets servicing the plan. The present value of the obligations is determined based on actuarial assumptions and is recognised on an accruals basis consistent with the employment period necessary to obtain the benefits.Actuarial gains and losses relating to defined-benefit plans arising from changes in actuarial assumptions or experience adjustments are recognised in the comprehensive income statement in the period in which they occurred,and are not subsequently recognised in the income statement. When a plan changed, reduced or extinguished, the relative effects are recognised in the income statement.Net financial expense represents the change that the net liability undergoes during the year due to the passing of time. Net interest is determined by applying to the liabilities, net of any plan assets, the discount rate used for the discounting used for the liabilities. The net financial expense of defined-benefit plans is recognised in \u201cFinance expense (income)\u201d.\u2022 Defined-contribution plansIn defined-contribution plans, the Company\u2019s obligation is calculated, limited to the payment of state contributions or to equity or a legally separate entity (fund), based on contributions due. The costs associated with defined-benefit contributions are recognised in the income statement as and when they are incurred.Other long-term benefitsObligations relating to other long-term benefits are calculated using actuarial assumptions; the effects arising from the amendments to the actuarial assumptions or the characteristics of the benefits are recognised entirely in the income statement. Benefits payable on termination of employmentThe benefits payable to employees for termination of employment are recognised as an expense when the Company is committed to offering the benefits and has no option to withdraw them, or, if earlier, when the company recorded restructuring costs. Share-based payments (Share-based incentive plan)Employee benefits, consistent with the essential nature of the remuneration that they comprise, include the cost of share-based incentive plans. The incentive cost is calculated with reference to the fair value of the instruments allocated and the forecast of the number of share that will effectively be allocated; the share pertaining to the financial year is calculated pro-rata temporis throughout the vesting period, or the period between the grant date and the allocation date. The fair value of the shares underlying the incentive plan is calculated at the grant date taking into account the forecasts with regard to reaching the performance parameters associated with market conditions and is not adjusted in future financial years; when obtaining the benefit is also connected to conditions other than market conditions, the estimate relating to these conditions is reflected by adjusting the number of shares during the vesting period that are expected to effectively be allocated.5.13 Accounting for environmental certificates - Emission trading systemsThe European Emission Trading System, established to manage and trade emission allowances, sets an upper limit for greenhouse gas emissions produced over the course of a year, for which a certain number of emission allowances are issued free of charge by the competent national authorities. Depending on the actual greenhouse gas emissions produced during the year, each company is entitled to sell or is obliged to buy emission allowances on the market.Allowances purchased for a consideration to offset emissions released into the atmosphere during the year are recognised in the income statement; any allowances purchased beyond what is necessary are recognised in \u201cOther current assets\u201d.Any allowances allocated free of charge and not used in the year of allocation are not recognised in the financial statements as they are used for the following year\u2019s requirements.If there is a deficit for emission allowances that have not been purchased on the market at the balance sheet date, the cost and corresponding liability are recognised at market value at the end of the financial year.5.14 Foreign currency transactionsThe criteria adopted by Snam to convert transactions in currencies other than the functional currency (the Euro) are summarised below:\u2022 revenue and costs relating to transactions in currencies other than the functional currency are recognised at the exchange rate in effect on the day when the transaction was carried out;\u2022 monetary assets and liabilities in currencies other than the functional currency are converted into Euro by applying the exchange rate in effect on the reporting date, allocating the effect to the income statement;\u2022 non-monetary assets and liabilities in currencies other than the functional currency which are valued at cost are recognised at the initially recorded exchange rate; when the measurement is made at fair value or recoverable or realisable value, the exchange rate used is the one in effect on the valuation date.5.15 Income taxesCurrent income taxes are calculated by estimating the taxable income. Tax payables and receivables for current taxes are recognised at the value of the current tax liability that are expected to be paid/recovered to/from the tax authorities by applying the tax rates and regulations in force or substantially approved at the end of the financial year. Regarding corporation tax (IRES), Snam has exercised the option to join the national tax consolidation scheme, to which all the consolidated companies have officially signed up, except for Mieci S.p.A., Evolve S.p.A. and T-lux S.r.l. The projected payable is recognised under \u201cCurrent tax liabilities\u201d.The regulations governing Snam Group companies\u2019 participation in the national tax consolidation scheme stipulates that:\u2022 subsidiaries with positive taxable income pay the amount due to Snam. The taxable income of the subsidiary, used to determine the tax, is adjusted to account for the recovery of negative components that would have been non-deductible without the consolidation scheme (e.g. interest expense), the so-called ACE (help for economic growth) effect and any negative taxable income relating to the subsidiary\u2019s equity investments in consolidated companies;\u2022 subsidiaries with negative taxable income, if and insofar as they have prospective profitability which, without the national tax consolidation scheme, would have enabled them to recognise deferred tax assets related to the negative taxable income on the separate financial statements, receive from their shareholders \u2013 in the event that these are companies with a positive taxable income or a negative taxable income with prospective profitability \u2013 or from Snam in other cases, compensation amounting to the lower of the tax saving realised by the Group and the aforementioned deferred tax assets.Regional production tax (IRAP) is recognised under the item \u201cCurrent tax liabilities\u201d/\u201cCurrent tax assets\u201d.Deferred taxes are calculated on the timing differences between the values of the assets and liabilities entered in the balance sheet and the corresponding values recognized for tax purposes, based on the prevailing tax regulations and rates applicable in financial years in which the temporary difference will be cancelled, approved or essentially approved at the end closing date of the reference year of the financial statements. Deferred tax assets are recognised when their recovery is considered probable; specifically, the recoverability of deferred tax assets is considered probable when taxable income is expected to be available in the period in which the temporary difference is cancelled, allowing the activation of the tax deduction. Similarly, unused tax credits and deferred tax assets on tax losses are recognised within the limits of their recoverability; with reference to deferred tax assets, their recoverability is verified at least annually.If there are uncertainties over the application of tax regulations: (i) in cases where it is deemed probable that the tax authorities will accept the uncertain tax treatment, the income taxes (current and/or deferred) to be recognised in the financial statements according to the tax treatment applied or which it is expected to apply during the tax return are calculated; (ii) in cases where it is not deemed probable that the tax authorities will accept the uncertain tax treatment, this uncertainty is reflected in calculating the (current and/or deferred) income taxes to be recognised in the financial statements.Deferred tax assets and deferred tax liabilities are classified under non-current assets and liabilities and are offset at individual company level if they refer to taxes which can be offset and/or at the level of the consolidating company in the presence of the taxation regime set out in the national consolidation scheme. The balance of the offsetting, if it results in an asset, is recognised under the item \u201cDeferred tax assets\u201d; if it results in a liability, it is recognised under the item \u201cDeferred tax liabilities\u201d. When the results of transactions are recognised directly in equity, current and deferred taxes are also posted to equity.5.16 Segment reporting (operating segments)Disclosure on business segments has been prepared pursuant to IFRS 8 \u2013 \u201cOperating Segments\u201d:consequently, the identification of the operating segments and the information presented are defined on the basis of the internal reporting used by the Company\u2019s management to allocate resources to the different segments and to analyse the respective performances.An operating segment is defined by IFRS 8 as the component of an entity that: (i) that engages in business activities from which it may earn revenue and incur expenses (including revenue and expenses relating to transactions with other components of the same entity); (ii) for which the operating results are regularly reviewed by the entity\u2019s most senior decision-makers for the purpose of making decisions about resources to be allocated to the segment and assessing its performance; and (iii) for which separate financial information is available.With reference to the financial year 2022, the business segments subject to reporting under IFRS 8 are: (i) the Transportation segment, relating to natural gas transportation activities; (ii) the Regasification segment, relating to Liquefied Natural Gas regasification activities; (iii) the Storage segment, relating to natural gas storage activities; (iv) the Energy transition segment, relating to energy efficiency, biogas/biomethane business and hydrogen start-up projects. The Mobility segment, together with the activities of Snam Global solution, do not constitute operating segments subject to separate reporting under IFRS 8. The relevant values are shown in the aggregate \"Other segments\". 6ASSUMPTIONS AND UNCERTAINTIES IN ESTIMATES The application of generally accepted accounting principles for the preparation of financial statements involves management making accounting estimates based on complex and/or subjective judgements, estimates based on past experience and assumptions regarded as reasonable and realistic on the basis of the information known at the time of the estimate. The use of these accounting estimates has an influence on the book value of the assets and liabilities and on the information about potential assets and liabilities at the reporting date, as well as the amount of revenue and costs in the reference period. The actual results may differ from the estimated results owing to the uncertainty that characterises the assumptions and the conditions on which the estimates are based. Details are given below about the critical accounting estimates involved in the process of preparing the financial statements and interim reports, since they involve a high degree of recourse to subjective judgements, assumptions and estimates regarding matters that are by nature uncertain. Any change in the conditions forming the basis of the judgements, assumptions and estimates used could have a significant impact on subsequent results.6.1 Impairment of non-financial assetsNon-financial assets are impaired when events or changes in circumstances give cause to believe that the book value is not recoverable. The events that can lead to an impairment of assets include changes in business plans, changes in market prices or reduced use of plants. The decision on whether to apply an impairment and the quantification of any such impairment depend on the Company\u2019s management assessment of complex and highly uncertain factors, such as future price trends, the impact of inflation and technological improvements on production costs, production profiles and conditions of supply and demand. The impairment is determined by comparing the book value with the related recoverable value, represented by the greater of the fair value, net of disposal costs, and the usage value, determined by discounting the expected cash flows deriving from the use of the asset, or represented by the RAB in the regulated business segments. The expected cash flows are quantified in the light of the information available at the time of the estimate, on the basis of subjective judgements regarding future trends in variables \u2013 such as prices, costs, the rate of growth of demand and production profiles \u2013 and are discounted using a rate that takes account of the risk inherent to the asset concerned. The rationale behind the impairment testing used by management in relation to property plant and machinery, intangible assets, goodwill and investments accounted for using the equity method are illustrated respectively in note 8 \u201c\u2018Property, plant and equipment\u2019\u201d, note 9 \u201c\u2018Intangible assets and goodwill\u201d and note 10 \u201cInvestments accounted for using the equity method\u201d.6.2 Impairment of financial assetsAt each reporting date, assessments are made of the recoverability of financial assets in order to determine the value of expected credit losses (ECL).In particular, the valuation of trade receivables is carried out using the simplified approach established by IFRS 9, which involves estimating the ECL over the life of the receivable. In these cases, the impairment is generally based on the expected credit loss model and is carried out through the use of both qualified external providers and by means of an analysis of observed historical data with respect to credit recoverability; analysis performed for homogeneous categories of counterparties. On the other hand, for certain categories of credits characterised by peculiar risk elements (e.g. litigation or credit recovery practices through legal/judicial proceedings), specific assessments are carried out on individual credit positions. The logic behind the expected credit loss model is explained in Note 5 \"Significant accounting standards\" - \"Non-derivative Financial Assets -Receivables and Debt securities\", respectively.6.3 Provisions for risks and charges Provision for decommissioning and site restorationThe Snam Group incurs significant liabilities associated with obligations to remove and dismantle plants or parts of plants. Estimating future dismantling and restoration costs is a complex process and requires the assessment and judgement of the Company\u2019s management in placing a value on the liabilities that will be incurred many years in the future for compliance with dismantling and restoration obligations, which often cannot be fully defined by laws, administrative regulations or contractual clauses. In addition, these obligations are affected by constant changes in technology and in dismantling and restoration costs, as well as the constant growth of political and public awareness regarding matters of health and protection of the environment.The criticality of estimates of dismantlement and restoration costs also depends on the accounting method used for these costs, for which the current value is initially capitalised together with the cost of the asset to which they relate, offset against the provision for risks and charges. Thereafter, the value of the provision for risks is updated to reflect the passing of time and any changes in the estimate as a result of changes in expected cash flows, the timing of their realisation and the discount rates applied.The calculation of the discount rate to be used both in the initial valuation of the cost and in subsequent valuations is the result of a complex process which involves subjective judgements on the part of the Company\u2019s management. Environmental liabilitiesThe Snam Group is subject, in relation to its activities, to numerous laws and regulations on environmental protection at European, national, regional and local level, including the laws which implement international conventions and protocols relating to the activities carried out. With reference to this legislation, when it is probable that the existence and amount of a large liability can be reliably estimated, provisions are made for the associated costs.The group does not currently believe that the financial statements will suffer particularly significant adverse effects due to non-compliance with environmental regulations, also considering actions already undertaken, but it cannot be ruled out with certainty that Snam may incur further, possibly significant, costs or liabilities, since current knowledge says it is impossible to predict the effects of future developments, taking into account also the following aspects: (i) the possible emergence of contamination; (ii) the outcome of the refurbishment in progress and to be followed and the other possible effects arising from the application of the laws in force; (iii) the possible effects of new laws and regulations for environmental protection; (iv) the effects of any technological innovations for environmental reclamation; (v) the possibility of disputes and the difficulty of determining the possible consequences, also in relation to the liability of other parties and to possible compensation payments.Provisions for legal and tax disputesThe estimation of the group\u2019s provisions for these purposes is the result of a complex process involving subjective judgements by Company management.6.4 Investments and business combinationsVerification of the existence of control, joint control, considerable influence over another entity as well as, in the case of joint operations, verification of the existence of enforceable rights and obligations requires Corporate Management to exercise professional judgement taking into consideration the characteristics of the corporate structure and agreements between the parties as well as other facts and circumstances that are relevant for the purpose of this check. Similar considerations also apply in cases of a planned change in status following a loss of control, joint control or connection with the possible need to activate the classification as \u201cassets held for sale/discontinued operation\u201d.The reporting of business combination transactions involves the allocation to the assets and liabilities of the acquired company of the difference between the acquisition cost and the net book value. For the majority of assets and liabilities, the attribution of the difference is carried out by recognising the assets and liabilities at their fair value. The unallocated portion, if positive, is recognised as goodwill; if negative, it is allocated to the income statement. In the allocation process, the Snam Group draws on the available information and, for the most significant business combinations, on external valuations.6.5 Employee benefitsDefined-benefit plans are valued on the basis of uncertain events and actuarial assumptions which include, inter alia, the discount rates, the expected returns on the assets servicing the plans (where they exist), the level of future remuneration, mortality rates, the retirement age and future trends in the healthcare expenses covered.The main assumptions used to quantify defined-benefit plans are determined as follows: (i) the discount and inflation rates representing the base rates at which the obligation to employees might actually be fulfilled are based on the rates which mature on high-quality bonds and on inflation expectations; (ii) the level of future remuneration is determined on the basis of elements such as inflation expectations, productivity, career advancement and seniority; (iii) the future cost of healthcare services is determined on the basis of elements such as present and past trends in healthcare costs, including assumptions regarding the inflationary growth of costs, and changes in the health of the participating employees; and (iv) the demographic assumptions reflect the best estimates of trends in variables such as mortality, turnover, invalidity and others in relation to the population of the participating employees.Differences in the value of net liabilities (assets) in employee benefit plans, arising due to changes in the actuarial assumptions used and the difference between the actuarial assumptions previously adopted and actual events, occur routinely and are called actuarial gains and losses. Actuarial gains and losses relating to defined-benefit plans are recognised in the comprehensive income statement. Actuarial assumptions are also used to determine obligations relating to other long-term benefits; to this end, the effects arising from changes to the actuarial assumptions or the characteristics of the benefit are fully recognised in the income statement.6.6 Fair valueCalculating the fair value of financial and non-financial instruments is a structured process featuring the use of complex evaluation methodologies and techniques that involve collecting up to date information from the reference markets and/or using internal input data.Similar to other estimates, calculating the fair value, albeit based on the best information available and on the adoption on adequate evaluation methodologies and techniques, it intrinsically features random elements and the exercising of professional judgement and could create forecasts with different values from those that will effectively be realised.6.7 Classification and measurement of investments made for development and maintenance of proprietary infrastructuresThe Snam Group makes significant investments for development and maintenance of its own infrastructures. Assessing the recoverability of the investments currently underway and the distinction of the costs as improvements, upgrades and transformations that increase the infrastructure and the expenses for ordinary maintenance and repairs which restore but do not increase the performance of the assets, includes valuation elements. These assessments are formulated on the basis of objective criteria that the Group has developed to facilitate an application consistent with its accounting policies.7ACCOUNTING STANDARDS PUBLISHED BY THE IASB BUT NOT YET ENTERED INTO FORCE New accounting standards or amendments to existing accounting standards issued by the IASB with an effective date after 31 December 2022 are set out below. The new accounting standards or amendments to current accounting standards shown below are divided between documents that have been approved and those that have not yet been approved by the European Commission.7.1 Accounting standards published by the IASB and approved by the European Commission but not yet entered into force \u2022 Regulation no. 2021/2036 issued by the European Commission on 19 November 2021 endorsed the regulatory provisions contained in IFRS 17 \u201cInsurance Contracts\u201d, issued by the IASB on 18 May 2017. The document applies to all insurance contracts and defines the principles of recognition, measurement, presentation and disclosure, replacing IFRS 4. The new standard requires a \u201cBuilding Block Approach\u201d (BBA) based on expected cash flow and the specification of a \u201crisk adjustment\u201d and of a Contractual Service Margin (CSM) which represents expected profit from insurance contract. This margin is reported in the income statement in the period in which the insurance cover is provided. Moreover, there are two alternative approaches in addition to the BBA which are the \u201cVariable Fee Approach\u201d (VFA) and the Premium Allocation Approach (PAA), applicable in specific cases. The standard also provides for a new method of presentation in the income statement, which presents the following separately: (i) \u201cinsurance revenues\u201d, (ii) \u201cinsurance service expenses\u201d and (iii) \u201cinsurance finance income or expenses\u201d. The provisions contained in IFRS 17 are effective from financial years starting on or after 1 January 2023, and the directors are evaluating the possible effects associated with its introduction; however, at the moment, it is reasonable to believe that the first application of these changes will not have a significant impact on the financial statements, also in light of the policy choices and exemptions allowed by the standard with reference to \u2018Insurance contracts issued to subsidiaries, associates and joint ventures\u2019.\u2022 Regulation No. 2022/357, issued by the European Commission on 2 March 2022, endorsed the regulatory provisions contained in the documents (i) \"Disclosure of Accounting Policies-Amendments to IAS 1 and IFRS Practice Statement 2\" and (ii) \"Definition of Accounting Estimates-Amendments to IAS 8\", amendments published by the IASB on 12 February 2021. The amendments are intended to improve the disclosure of accounting policies so as to provide more useful information to investors and other primary users of financial statements and to help companies distinguish changes in accounting estimates from changes in accounting policies. The amendments will apply from 1 January 2023. However, earlier application is permitted. \u2022 By Regulation no. 2022/1392, issued by the European Commission on 11 August 2022, the regulatory provisions were approved as contained in the document \"Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction\", amendment published by the IASB on 7 May 2021. The document clarifies how deferred taxes should be accounted for on certain transactions that may generate assets and liabilities of equal amounts, such as leases and decommissioning obligations. The amendments will apply from 1 January 2023.\u2022 By Regulation no. 2022/1491, issued by the European Commission on 08 September 2022, the regulatory provisions were approved as contained in the document (i)\"Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 - Comparative Information\", amendment published by the IASB on 9 December 2021. The amendment is a transition option relating to comparative information about financial assets presented at the date of initial application of IFRS 17. The amendment is intended to avoid temporary accounting mismatches between financial assets and liabilities of insurance contracts, and thus to improve the usefulness of comparative information for readers of financial statements. The amendments will apply from 1 January 2023, together with the application of IFRS 17. The Group is analysing the standards and interpretations indicated, where applicable, in order to assess the effects of their application on the financial statements. However, the directors do not expect a significant effect on the Group's consolidated financial statements resulting from their adoption.7.2 Accounting standards and interpretations published by the IASB and not yet approved by the European CommissionAt the date of this document, the competent bodies of the European Union have not yet completed the approval process necessary for the adoption of the amendments described below.\u2022 On 22 September 2022, the IASB published an amendment called \"Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback\". The document aims to clarify how subsequent valuations by an entity in the context of a sale and leaseback transaction should take place. The amendments shall enter into force as of 1 January 2024, subject to any subsequent postponements determined in the course of approval by the European Commission, earlier application is however permitted.\u2022 On 23 January 2020, the IASB published \"Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current\" and on 31 October 2022 published an amendment entitled \"Amendments to IAS 1 Presentation of Financial Statements: Non-Current Liabilities with Covenants\". The documents aim to clarify how to classify payables and other short-term or long-term liabilities. The amendments shall enter into force as of 1 January 2024, subject to any subsequent postponements determined in the course of approval by the European Commission, earlier application is however permitted. The Group is currently evaluating the possible effects deriving from the introduction of the amendments indicated.8 PROPERTY, PLANT AND EQUIPMENT 31.12.2021(million euros)Industrial and Fixed assetsPlant and Other Land BuildingsCommercial in progress TotalequipmentassetsEquipmentand advancesCost at 31.12.2020 178 518 24,717 139 310 1,142 27,004Investments 1 5 10 1 1,105 1,122Disposal (1) (60) (6) (139) (6) (212)Other changes 2 33 767 7 84 (901) (8)Changes in rights of use for leased 5 5assetsCost at 31.12.2021 181 555 25,429 150 256 1,340 27,911- of wich rights of use for leased assets 7 28 3 38Provisions for amortisation (3) (148) (9,644) (73) (213) (10,081)and depreciation at 31.12.2020Total amortisation and depreciation (12) (642) (14) (33) (701)Disposal 1 50 6 139 196Other changes 2 3 5Depreciation rights of use for leased (2) (6) (8)assetsProvisions for amortisation and (3) (162) (10,236) (81) (107) (10,589)depreciation at 31.12.2021- of wich rights of use for leased assets (4) (13) (1) (18)Provision for impairment losses (1) (3) (34) (70) (108)at 31.12.2020Impairment losses (3) (10) (13)Disposal 3 3Provision for impairment losses (1) (3) (34) (80) (118)at 31.12.2021NET BOOK VALUE AT 31.12.2020 174 367 15,039 66 97 1,072 16,815NET BOOK VALUE AT 31.12.2021 177 390 15,159 69 149 1,260 17,20431.12.2022(million euros)Industrial and Fixed assetsPlant and Other Land BuildingsCommercial in progress TotalequipmentassetsEquipmentand advancesCost at 31.12.2021 181 555 25,429 150 256 1,340 27,911Investments 5 35 11 1 1,119 1,171Disposal (1) (4) (60) (8) (1) (7) (81)Change in the scope of consolidation 17 7 193 2 5 383 607Changes in rights of use for leased 8 3 2 1 14assetsOther changes (1) 9 764 11 67 (1,146) (296)Cost at 31.12.2022 209 570 26,363 166 329 1,689 29,326- of which rights of use for leased assets 20 31 2 4 57Provisions for amortisation (3) (162) (10,236) (81) (107) (10,589)and depreciation at 31.12.2021Total amortisation and depreciation (12) (665) (16) (46) (739)Disposal 2 38 6 46Change in the scope of consolidation (2) (55) (1) (1) (59)Other changes 5 3 8Depreciation rights of use for leased (2) (5) (1) (8)assetsProvisions for amortisation (5) (179) (10,913) (92) (152) (11,341)and depreciation at 31.12.2022- of which rights of use for leased assets (6) (15) (2) (23)Provision for impairment losses (1) (3) (34) (80) (118)at 31.12.2021Impairment losses (4) (2) (1) (5) (12)Disposal 2 3 5Rights of use for leased assets (1) (1)Provision for impairment losses (1) (6) (33) (1) (85) (126)at 31.12.2022- of which rights of use for leased assets (1) (1)NET BOOK VALUE AT 31.12.2021 177 390 15,159 69 149 1,260 17,204NET BOOK VALUE AT 31.12.2022 203 385 15,417 73 177 1,604 17,859Property, plant and equipment (17,859 million euros) primarily relates to transportation (14,076 million euros) and storage infrastructure (2,849 million euros).9Investments (1,171 million euros) refer mainly to the transportation (884 million euros net) segment. The change in the scope of consolidation (548 million euros) refers mainly to the assets recognised in connection with the acquisition: (i) 100% of the share capital of Golar LNG NB 13 Corporation, owner of the FSRU vessel Golar Tundra (327 million euros, net of ancillary acquisition costs); (ii) of 6 and 19 companies engaged in the realisation and management of plants for the promotion of circular economy projects for the energy valorisation of the organic fraction of waste - OFMSW and agricultural waste (158 million euros overall); (iii) of the control of Iniziative Biometano S.p.A. (8 companies consolidated on a line-by-line basis) instead of joint control (37 million euros in total).During the year, Snam capitalised 25 million euros of financial expenses (20 million euros in 2021). Depreciation (747 million euros), included rights-of-use on leased assets, refers to economic and technical depreciation determined on the basis of the useful life of the assets or their remaining possible use by the Company, and, with reference to leased assets, on the basis of the contractual duration if the exercise of any purchase options is not probable. Disposals (30 million euros, net of the related accumulated depreciation and impairment losses) mainly relate to assets in the transportation segment. Write-downs and reversals (126 million euros) mainly relate to assets in the transportation segment (116 million euros) and mainly concern assets not yet available for use and sections of pipelines that are no longer usable.The value of plant and equipment includes the estimated (discounted) costs to be incurred for the removal of facilities and the restoration of sites (498 million euros, net of the provision for amortisation/depreciation) mainly relating to the natural gas storage (411 million euros) and transportation (68 million euros) segments.Other changes (288 million euros) mainly concern: (i) the upward revision of the estimated costs for decommissioning and restoration of sites, basically relating to the storage sector, against the reduction in the expected discount rates (228 million euros in all); (ii) contributions on works for interference with third parties (so-called \"recharges\", 25 million euros).Contractual commitments to purchase property, plant and equipment, and to provide services related to the construction thereof, are reported in Note 26 \u201cGuarantees and commitments\u201d. There are no real guarantees on property, plant and equipment.9 Investments by business segment are shown in the \u201cBOperating performance by business segment\u201d section of the Directors\u2019 Report.8.1 Tangible assets by business segmentProperty, plant and equipment by business segment break down as follows: (million euros) 31.12.2021 31.12.2022Historical cost 27,910 29,325Transportation 23,193 23,881Storage 4,269 4,291Regasification 223 628Energy Transition 176 467Other Segments 27 35Amount not allocated to segments 22 23Provisions for depreciation, amortisation and impairment losses (10,706) (11,466)Transportation (9,229) (9,805)Storage (1,343) (1,442)Regasification (88) (96)Energy Transition (32) (99)Other Segments (4) (12)Amount not allocated to segments (10) (12)NET BOOK VALUE 17,204 17,859Transportation 13,964 14,076Storage 2,926 2,849Regasification 135 532Energy Transition 144 368Other Segments 23 23Amount not allocated to segments 12 119 INTANGIBLE ASSETS AND GOODWILL31.12.2021With an With a \ue7acnite useful lifeinde\ue7acnite useful lifeIndustrial Concessions, patent licences, Other Fixed assets rights and (million euros)trademarks intangible in progress Goodwill Totalintellectual and similar \ue7acxed assetsand advancesproperty rightsrightsCost at 31.12.2020 954 819 71 93 60 1,997Investments 1 2 145 148Disposals (118) (118)Other changes 153 5 11 (163) 6Cost at 31.12.2021 990 824 84 75 60 2,033Provisions for amortisation and depreciation (756) (109) (7) (872)at 31.12.2020Total amortisation and depreciation (87) (8) (5) (100)Disposals 118 118Other changes 2 (1) (13) (12)Provisions for amortisation and depreciation (723) (118) (25) (866)at 31.12.2021Provision for impairment losses at 31.12.2020Provision for impairment losses at 31.12.2021NET BOOK VALUE AT 31.12.2020 198 710 64 93 60 1,125NET BOOK VALUE AT 31.12.2021 267 706 59 75 60 1,16731.12.2022With an With a \ue7acnite useful lifeinde\ue7acnite useful lifeIndustrial Concessions, patent licences, Other Fixed assets rights and (million euros)trademarks intangible in progress Goodwill Totalintellectual and similar \ue7acxed assetsand advancesproperty rightsrightsCost at 31.12.2021 990 824 84 75 60 2,033Investments 4 4 1 171 180Disposals (15) (1) (16)Change in the scope of consolidation 58 27 40 125Losses in value (2) (7) (9)Other changes 135 4 (25) (139) 3 (22)Cost at 31.12.2022 1,127 875 86 107 96 2,291Provisions for amortisation and depreciation (723) (118) (25) (866)at 31.12.2021Total amortisation and depreciation (101) (9) (10) (120)Disposals 15 15Other changes 3 3Provisions for amortisation and depreciation (821) (112) (35) (968)at 31.12.2022Losses in value (2) (2)Provision for impairment losses at 31.12.2022 (2) (2)NET BOOK VALUE AT 31.12.2021 267 706 59 75 60 1,167NET BOOK VALUE AT 31.12.2022 304 763 51 107 96 1,321Industrial patent and intellectual property rights (304 million euros) mainly concern information systems and applications in support of operating activities. Concessions, licences, trademarks and similar rights (763 million euros) refer basically to concessions for natural gas storage activities (661 million euros) and to the concessions of Settala (229 million euros), Sergnano (128 million euros) and Fiume Treste (91 million euros). The value of the storage concessions is represented by the reserves of natural gas in 10the fields (\u201cCushion Gas\u201d). Other intangible fixed assets (51 million euros) include the fair value attributed during the Purchase Price Allocation (PPA) of Mieci and Evolve, as regulated by the accounting standard IFRS 3 \u201cBusiness Combinations\u201d, relating to the book order (approximately 46 million euros). Amortisation is based on the average duration of the contracts.11Investments (180 million euros), mainly in the natural gas transportation segment (127 million euros), refer mainly to projects for the development of information systems.The change in the scope of consolidation (125 million euros) refers mainly to the assets recognised in connection with the acquisition: (i) 6 and 19 companies specialized in the realisation and management of plants for the promotion of circular economy projects for the energy valorisation of the organic fraction of waste - OFMSW and agricultural waste (94 million 10 Cushion gas is not depreciated.11 Investments by business segment are shown in the \u201cOperating performance by business segment\u201d section of the Directors\u2019 Report.euros in total, including related start-ups); (iii) control of Iniziative Biometano S.p.A. (8 companies consolidated on a line-by-line basis) instead of joint control (30 million euros in total).Amortisation (120 million euros) refers to economic and technical amortisation determined on the basis of the definite useful life of the intangible assets or their remaining possible use by the Company.Contractual commitments to purchase intangible assets, and to provide services related to the development thereof, are reported in Note 26 - \u201cGuarantees and commitments\u201d. 9.1 Intangible assets by business segmentIntangible assets by business segment break down as follows:(million euros) 31.12.2021 31.12.2022Historical cost 2,033 2,291Transportation 917 1,030Storage 861 876Regasification 11 13Energy Transition 144 252Other Segments 16 10Amount not allocated to segments 84 110Provisions for depreciation, amortisation and impairment losses (866) (970)Transportation (599) (673)Storage (161) (173)Regasification (6) (7)Energy Transition (29) (37)Other Segments (5) (10)Amount not allocated to segments (66) (70)NET BOOK VALUE 1,167 1,321Transportation 318 357Storage 700 703Regasification 5 6Energy Transition 115 215Other Segments 11Amount not allocated to segments 18 409.2 Impairment test As required by accounting principle (IAS 36), the impairment test is carried out at least once a year for all CGUs (or groups of CGUs) to which goodwill, recorded in the consolidated financial statements, has been allocated and for CGUs (or groups of CGUs) that include intangible fixed assets with an indefinite useful life and intangible fixed assets not yet available for use. For all the remaining CGUs (or groups of CGUs), the impairment test is carried out only when there are impairment indicators. The macroeconomic context has been marked over the past 12 months by the presence of a significant inflationary phenomenon to which the major central banks, including the ECB, have responded with significant and repeated increases in their respective key interest rates. The markets in which these phenomena took place (including the Eurozone), show a snapshot of 2022 characterised by 12the presence of widespread signs suggesting the existence of impairment indicators of an exogenous nature. Therefore, as at 31 December 2022, the test was performed for all major CGUs and CGU groupings, in particular: \u2022 for the sustainable mobility business, consisting of refuelling stations, and micro-liquefaction and bunkering plants, for 13the Snam4Mobility CGU, with reference to which, as at 31 December 2022, no goodwill remains allocated as a result of the impairment losses carried out; \u2022 for the AGRI CGU (formerly the IES Biogas CGU) and the WASTE CGU (formerly the Renerwaste CGU), to which goodwill of 21 million euro and 29 million euros, respectively, is allocated. The companies respectively owned by IES Biogas group 14and the Renerwaste group each represent a single CGU (CGU AGRI and CGU WASTE) as the method of managing raw material treatment plants (OFMSW in the case of WASTE plants and, agricultural biomass in the case of AGRI plants) is unitary and centralised. Moreover, in view of the characteristics of such plants, management is not bound by the corporate structure when making decisions on the allocation of resources and investments; \u2022 for the energy efficiency business, by the grouping of Energy Efficiency CGUs, made up of the TEP Energy Solutions, 15Mieci, Evolve CGUs as well as by the Renovit sub-holding, to which a total goodwill of 19 million euros is allocated; this due to the strong vertical integration between the companies in the management of know-how and technologies, which allows the creation of important synergies in the presentation of a unitary offer to the market. The test was also performed for the Snam Rete Gas, ITG, GNL and Stogit CGUs belonging to the regulated activities of natural gas transportation, regasification and storage; limited to ITG, goodwill of 27 million euros is allocated.16Consistently (i) with the provisions of the agreement signed on 22 December 2022 between Snam Bioenerys group company and Femogas S.p.A. and (ii) in light of the new strategic direction assigned to IES Biogas, which assumes the role of sub-holding company of the Snam group for the AGRI business, increasingly focusing its resources towards the management of proprietary plants aimed at the production of biogas/biomethane from biomass sources of agricultural 17origin, starting from 2022 the AGRI CGU includes, in addition to IES Biogas itself, 24 additional companies. Specifically, these are the 20 companies that were acquired or established by IES Biogas during the year, in addition to a further four companies that were already indirectly controlled by Snam as at 31 December 2022 and will become investee companies of IES Biogas by 2023.Overall, except for the amendments mentioned above, the impairment test was carried out on the basis of a similar CGU set-up to last year.The recoverable amount of the Snam4Mobility CGU was determined, as value in use, based on the cash flows of the corporate plans using the Discounted Cash Flow (DCF) Method. In consideration of the business development and in view of the proposed investment plan, the cash flows were calculated taking into consideration a longer time horizon compared with the forecast 2023-2026 Plan data, in order to be able to consider all the effects that may have a significant impact on these cash flows. The Weighted Average Cost of Capital - WAAC method was used to discount cash flows. The Terminal Value was calculated using the perpetuity method, applying a growth rate substantially in line with market evidence for the expected long-term inflation rate for the reference area, based on the values indicated by the International Monetary Fund ((IMF).With reference to the biogas/biomethane business, the recoverable value of the two CGUs identified, CGU AGRI and CGU WASTE, was determined, as value in use, on the basis of the Discounted Cash Flow (DCF) Method, using the 2023-2026 Plan approved by the Board. For both CGUs, cash flows were calculated taking into consideration a longer time horizon compared to the forecast 2023-2026 Plan data approved by the Board, so as to consider all the effects that could have a significant impact on cash flows. The Weighted Average Cost of Capital - WAAC method was used to discount cash flows. 12 According to paragraph 12 of IAS 36.13 As a result of the updated strategic guidelines of the Mobility&Liquefaction Business Unit, as reported in the half-year financial report as of June 30, 2022, in accordance with the provisions of IAS 36 \"Impairment Test,\" instead of the grouping of Mobility CGUs (consisting of Snam 4 Mobility CGU and Cubogas CGU), they were identified as two separate CGUs. As of December 31, 2022, the Cubogas CGU was not included in the scope of CGUs because, as a result of impairments performed during the year, the carrying value of fixed assets pertaining to the CGU was less than 1 million euro.14 The WASTE CGU in addition to the five companies present as of December 31, 2021, Renerwaste S.r.l., Renerwaste Lodi, Ecoprogetto Milano and Ecoprogetto Tortona and Enersi, it also includes the six companies in the Waste business acquired during 2022: Cupello Renerwaste S.r.l., Biowaste CH4 Anzio S.r.l, Biowaste CH4 Foligno S.r.l., Biowaste CH4 Group S.r.l., Biowaste CH4 Genova S.r.l., Biowaste CH4 Tuscania S.r.l.15 The difference compared to the 17 million euro present as of December 31, 2021 is due to the goodwill arising from the Esigen business, which was acquired by Mieci during 2022.16 The agreement, provides that Snam by 2023 will lose control of Iniziative Biometano and certain companies controlled by it, and in the same time frame, provides that IES Biogas will gain direct control of certain companies, now already controlled by the Snam group but directly participated by the same Iniziative Biometano.17 The 20 companies acquired or incorporated by IES Biogas are 1) Societ\u00e0 Agricola Asola Energie Biogas S.r.l., 2) Societ\u00e0 Agricola Tessagli Agroenergie S.r.l., 3) Societ\u00e0 Agricola Santo Stefano S.r.l. 4) Societ\u00e0 Agricola Agrimezzana Biogas S.r.l., 5) Societ\u00e0 Agricola Agrimetano S.r.l. 6) Societ\u00e0 Agricola Carignano Biogas S.r.l.; 7) Emiliana Agroenergia Societ\u00e0 Agricola S.r.l.; 8) Piacentina Agroenergia Societ\u00e0 Agricola S.r.l.; 9) Societ\u00e0 Agricola San Giuseppe Agroenergia S.r.l.; 10) Societ\u00e0 Agricola La Valle Green Energy S.r.l., 11) Societ\u00e0 Agricola Sangiovanni S.r.l.; 12) Societ\u00e0 Agricola G.B.E. Gruppo Bio Energie S.r.l.; 13) Societ\u00e0 Agricola Zoppola Biogas S.r.l.; 14) Societ\u00e0 Agricola SQ Energy S.r.l.; 15) Societ\u00e0 Agricola T4 Energy S.r.l.; 16) Societ\u00e0 Agricola Biostellato 1 S.r.l.; 17) Societ\u00e0 Agricola Biostellato 2 S.r.l.; 18) Societ\u00e0 Agricola Biostellato 3 S.r.l.; 19) Societ\u00e0 Agricola Biostellato 4 S.r.l.; 20) Govone Biometano S.r.l.,while the 4 companies already controlled by the group that will become investees of IES Biogas during 2023 are 1) Biogas Bruso Societ\u00e0 Agricola A R.L.; 2) Maiero Energia Societ\u00e0 Agricola A R.L.; 3) MZ Biogas Societ\u00e0 Agricola A R.L.; 4) Societ\u00e0 Agricola Ariano Biometano S.r.l.The Terminal Value was calculated using the perpetuity method, applying only for the WASTE CGU a growth rate no higher than market evidence for the expected long-term inflation rate, based on the values indicated by the IMF.With reference to the energy efficiency business, the recoverable value of the Energy Solutions CGU grouping was determined as the usage value, on the basis of the Discounted Cash Flow (DCF) Method. Cash flows were calculated taking into consideration a longer time horizon compared to the forecast 2023-2026 Plan data approved by the Board, so as to consider all the effects that could have a significant impact on cash flows. The Weighted Average Cost of Capital - WAAC method was used to discount cash flows. The Terminal Value was calculated using the perpetuity method, applying a growth rate in line with market evidence for the expected long-term inflation rate, based on the values indicated by the IMF.With reference to the Transportation (Snam Rete Gas), Regasification (LNG) and Storage (Stogit) CGUs, the recoverable value was defined as corresponding to the estimate of the value of the Net Invested Capital recognised in these assets for tariff purposes (RAB - Regulatory Asset Base) by the Regulatory Authority for Energy, Networks and the Environment (ARERA), including fixed assets valued using the revalued historical cost method, net working capital flat rate, net of adjustments, including severance indemnities, where applicable, the decommissioning fund and the contributions received. The RAB is also the reference basis for the determination of the service tariffs and, therefore, of the cash flows generated by the activities. With reference to the ITG CGU, the recoverable value of the CGU was calculated as the usage value, based on the Discounted Cash Flow (DCF) Method, using the 2023-2026 Plan approved by the Board. The Terminal Value, consistent with the practice in the energy infrastructure sector, was determined as the disposal value at the end of the plan's time horizon, assuming the recognition of a premium in line with the market evidence examined as at 31 December 2022. For CGUs where the value in use is determined using the Discounted Cash Flow method, the reference discount rate is the WACC (Weighted Average Cost of Capital - WACC), corresponding to the weighted average cost of capital, determined, consistently with the reference doctrine and prevailing methodological practices, based on the following main assumptions:\u2022 Risk Free Rate: the 10-year sovereign bond, issued by the country of reference, in which the CGU (or group of CGUs) operates is used to determine the risk-free rate;\u2022 Equity Risk Premium: the equity risk premium is determined by Snam on the basis of the main and authoritative external sources in the sector;\u2022 Beta Unlevered: calculated as the average figure recorded by the panel of comparable companies identified and specifically selected for each CGU; \u2022 D/E: the debt-to-equity ratio is determined as an average parameter measured by the panel of comparable companies referring to each CGU;\u2022 Beta Relevered: it is calculated starting from the Beta Unlevered using the Hamada formula, which takes into account the tax effect, and the average D/E of the panel of comparable companies considered; \u2022 Reference Rate for the cost of debt: calculated as the average of the Swap Rate of ten-year instruments denominated in Euro;\u2022 Credit Spread: determined as an average parameter measured by the panel of comparable companies specifically selected for each CGU. The application of additional risks (Specific Risk Premium) is also envisaged aimed at reflecting, where applicable, within each discount rate, specific considerations referring to the aspects characterising a CGU (or group of CGUs) such as, for example, risks of business or risks associated with the stage of development of the activities performed.Snam's methodology requires these values to be updated annually and, as at 31 December 2022, the WACCs estimated by the Snam Group and used in the impairment tests were between 5.57% and 8.97%.For all CGUs and CGU groupings, the recoverable value as represented above, was higher than their net book value, including the relevant goodwill, with the exception of the CGU Snam4Mobility. In particular, as at 31 December 2022, the filling station business was affected by: (i) the dynamics of gas prices, which negatively impacted the forecasts for the use of CNG as automotive fuel; (ii) the significant increase recorded in the main parameters (in particular, the risk free rate and the reference rate used to determine the cost of debt) underlying the estimate of the weighted average cost of capital.A comparison between the recoverable amount and the carrying amount of the CGU Snam4Moblity showed a difference in value of 12 million euros, which led to the full write-down of goodwill, amounting to about 7 million euros, as well as of part of the tangible and intangible assets for the remaining amount of about 5 million euros.As required by accounting standard IAS 36, the CGUs subject to impairment testing, whose recoverable value was determined by discounting the expected cash flows deriving from the use of the asset (as well as from its sale at the end of the useful life in some cases), were subjected to a sensitivity analysis of the recoverable amount, in the worst case scenario, which envisages a 0.5 percentage point increase in the discount rate applied during the impairment test. This stress test did not show significantly different results and led, in only one case limited to the WASTE CGU, to an impairment loss of about 5 million euros. 10EQUITY INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD(million euros) 31.12.2021 31.12.2022Ter\u00e9ga Holding S.A.S. 361 398Trans Austria Gasleitung GmbH (TAG) 556 274AS Gasinfrastruktur Beteiligung GmbH 122 93OLT - Offshore LNG Toscana S.p.A. 11 32Iniziative Biometano S.p.A. (*) 13Total equity investments in jointly controlled companies 1,063 797Trans Adriatic Pipeline A.G. (TAP) 310 450Industrie De Nora S.p.A. 463 402Italgas S.p.A. 255 285Senfluga Energy Infrastructure Holding S.A. 139 168Interconnector Limited 61 84Galaxy Pipeline Assets HoldCo Limited. 216 70East Mediterranean Gas Company 41 45dCarbonX Ltd 3 7Total equity investments in associated companies 1,488 1,511Snam Middle East BV Business Services Co. 3 3Snam Gas & Energy Servicies (Bejing) Co., Ltd. 2 2Snam North America LLC 2Snam International (UK) Ltd 2Total equity investments in subsidiaries 9 5TOTAL EQUITY INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD 2,560 2,313(*) The company entered the scope of consolidation on 11 April 2022.Changes during the year are detailed in the following table. Equity Equity Equity investments in investments (million euros)investments in Totaljointly controlled in associated subsidiaries (*)companiescompaniesBalance at 01.01.2021 1,007 916 1,923Acquisitions and subscriptions 520 8 528Assignments and reimbursements (1) (65) (66)Dividends received (60) (122) (182)Effect of equity-accounting method- Portion recognised in income statement 112 182 294- Portion recognised in the comprehensive 1 58 59 income statementOther changes 4 (1) 1 4Balance at 31.12.2021 1,063 1,488 9 2,560Acquisitions and subscriptions 5 5Assignments and reimbursements (86) (86)Dividends received (15) (92) (107)Effect of equity-accounting method- Portion recognised in income statement 107 37 144- Portion recognised in the comprehensive 16 114 130 income statementValue Reinstatements/(Value Reductions) (365) 31 (2) (336)Other changes (9) 14 (2) 3Balance at 31.12.2022 797 1,511 5 2,313(*) Equity investments refer to unconsolidated subsidiaries valued using the equity method.Disposals and redemptions (86 million euros) refer essentially to the sale of shares of Industrie De Nora S.p.A. for the purpose of listing the company on the stock exchange, a transaction after which Snam holds 25.79% of the share capital (35.63% prior to the IPO), also taking into account capital increases of the same company that were not subscribed.Dividends received (107 million euros) mainly concern the associated companies Italgas (32 million euros), Interconnector Limited (23 million euros), Galaxy (19 million euros) and Senfluga (11 million euros) and the jointly controlled company Ter\u00e9ga (15 million euros).The effect of the equity-accounting method recognised in income statement (144 million euros) refers to the share of the net results of companies valued using the equity method, mainly referring to jointly controlled and associated companies (positive results for totally 296 million euros and negative results for totally 152 million euros, of which 148 million euros related to associated company Galaxy Pipeline Assets HoldCo Limited.The effect of the equity-accounting method recognised in the statement of comprehensive income (130 million euros) is mainly attributable to the change in the fair value of hedging derivative financial instruments of the associate TAP and to exchange rate differences (euros/dollars) of the associate Galaxy Pipeline Assets HoldCo Limited.The macroeconomic context has been marked over the past 12 months by the presence of a significant inflationary phenomenon to which the major central banks, including the ECB, have responded with significant and repeated increases in their respective key interest rates. Therefore, as at 31 December 2022, Snam subjected all the main CGUs represented by the equity investments held in jointly controlled companies and associated companies to impairment tests, verifying their recoverability by comparing their book value and their recoverable value, represented by the higher of fair value and value in use. In particular, for carrying out the impairment test, the recoverable value of the equity investments was determined in the configuration of value in use on the basis of the Dividend Discount Model (DDM) or Discounted Cash Flow (DCF) methodology, with the exception of equity in Italgas S.p.A. and Industrie De Nora S.p.A., associated companies, for which the recoverable value was determined on the basis of market quotations at the closing date of the financial year.As of 31 December 2022, the discount rates estimated by the Snam group and used in preparing the impairment tests ranged between 5.75% and 8.24% for CGUs measured using the DDM, and between 4.97% and 8.44% for CGUs measured using the DCF. With reference to the stake held by Snam S.p.A. (84.47%) in TAG, the company owning the pipeline that transports Russian gas to Italy through Austria, passing through Ukraine, Slovakia and up to the Tarvisio entry point, the continuation of the Russia-Ukraine conflict, which began in February 2022, led to a significant reduction in gas flows from Russia in the year recorded at the Baumgarten entry point, equal to about 52.6% compared to 2021, with a consequent reduction in the volumes imported from the Tarvisio entry point (from about 29 billion standard cubic metres in 2021 to about 14 billion standard cubic metres in 2022). In addition, around 85% of the long-term transport capacity contracts expired on 31 December 2022. In a scenario characterised by significant uncertainties about duration and outcome of the conflict, with actions already taken by some states that will lead to the gradual independence of Europe from Russian gas, Snam determined the estimated recoverable amount of the investment based on a multi-scenario approach, attributing a probability of occurrence to each of the scenarios considered. By multiplying the value in use emerging from each of the scenarios considered by the probability of occurrence attributed to them, the recoverable value was thus determined, resulting in a write-down of the equity investment held in TAG of 340 million euros, with a value as at 31.12.2022 of 274 million euros.At the same time, the company is actively cooperating with the competent Austrian authorities on the definition of the regulatory framework applicable from 2025 (regulatory period 2025-2028) in light of the changed context in which the company operates. With reference to the stake held by Snam S.p.A. (40%) in AS Gasinfrastruktur Beteiligung GmbH, the rise in interest rates, which adversely affected the recoverable value, resulted in a write-down of the investment by 25 million euros, with a value as at 31 December 2022 of 93 million euros. It should be noted that the operating company, GCA, used its interconnection points with Germany during 2022 to ensure the security of supply in Austria and, at the same time, the attainment of the domestic storage filling target. In addition, as of 31 December 2022, the company has long-term transport capacity contracts with gradual expiry dates up to 2031.With reference to Snam's indirect investment, through Snam International B.V. (23.68%), in Interconnector Limited, due to the significant capacity subscriptions that took place in 2022, favoured by the dynamics of gas prices between the UK and the Continent, the company revalued, within the limits of the recoverable value, its investment, written down in previous years for an amount of 31 million euros. The capacity subscriptions made in 2022 also guarantee visibility for the coming years and at least until 2026. 18With the exception of the shareholding in TAP, no collateral is provided. Consolidated companies, joint ventures, associates and other significant equity investments are indicated separately in the Annex to the Notes to the Consolidated financial statements \u201cEquity investments of Snam S.p.A. at 31 December 2022\u201d, which is an integral part of these Notes. In accordance with the provisions of IFRS 12 - \u201cDisclosure of interests in other entities\u201d, the economic and financial data for joint ventures and associates for the financial years ended 31 December 2021 and 31 December 2022 are provided below.18 For further information, please refer to Note no. 26.1.1 \u201cGuarantee given on behalf of the associate TAP\u201d.10.1 Equity investments in jointly controlled companiesThe economic and financial data relating to each investment in jointly controlled companies deemed significant, referring 19to the financial statement values prepared according to IFRS standards of the associate companies, are reported below:31.12.2021Ter\u00e9ga Holding Trans Austria AS Gasinfrastruktur (million euros)S.A.S.Gasleitung GmbHBeteiligung GmbHCurrent assets 106 130 2- of which cash and cash equivalents 20 81 2Non-current Assets 2,989 1,140 589Total assets 3,095 1,270 591 Current liabilities (114) (218) (3)- of which current financial liabilities (19) (132) (3)Non-current liabilities (2,090) (429) (283)- of which non-current financial liabilities (1,793) (280) (40)Total liabilities (2,204) (647) (286)TOTAL ASSETS 891 623 305 Equity investments held by the Snam Group % (*) 40.50% 89.22% 40.00%Total net assets attributable to the Snam Group 361 556 122 EQUITY INVESTMENTS ACCOUNTED FOR USING 361 556 122 THE EQUITY METHODOperating revenues and income 440 290 Operating costs and expenses (152) (125)Depreciation, amortisation and impairment losses (109) (62)Operating profit/loss 179 103 Financial income 1Financial expense (39) (4) (6)Share of profit or losses of investments accounted for using (5) 20the equity methodIncome taxes (38) (25)PROFIT FOR THE YEAR 97 74 15 Other components in the comprehensive income statement (1) 2TOTAL COMPREHENSIVE INCOME 96 74 17 Equity investments held by the Snam Group % (*) 40.50% 89.22% 40.00%Total comprehensive income statement held by Snam 39 66 7 (*) The equity investment in Trans Austria Gasleitung GmbH is valued on the basis of the percentage of economic rights held.19 Unless otherwise indicated, the financial statement figures for jointly controlled companies, reported in full, have been updated to include adjustments made by the Parent Company pursuant to the equity-accounting method. The aforementioned amounts relate to the preliminary and/or approved reporting packages.31.12.2022Ter\u00e9ga Holding Trans Austria AS Gasinfrastruktur (million euros)S.A.S.Gasleitung GmbHBeteiligung GmbHCurrent assets 72 124 2- of which cash and cash equivalents 72 53 2Non-current Assets 3,051 1,095 571Total assets 3,123 1,219 573 Current liabilities (135) (135) (3)- of which current financial liabilities (121) (32) (3)Non-current liabilities (2,008) (396) (276)- of which non-current financial liabilities (1,704) (261) (33)Total liabilities (2,143) (531) (279)TOTAL ASSETS 980 688 294 Equity investments held by the Snam Group % (*) 40.50% 89.22% 40.00%Total net assets attributable to the Snam Group 397 614 118 Reductions/increases in value 1 (340) (25)EQUITY INVESTMENTS ACCOUNTED FOR USING 398 274 93 THE EQUITY METHODOperating revenues and income 468 447 Operating costs and expenses (170) (286)Depreciation, amortisation and impairment losses (109) (63)Operating profit/loss 189 98 Financial income 1Financial expense (32) (10) (7)Share of profit or losses of investments accounted for using (4)the equity methodIncome taxes (39) (23)PROFIT FOR THE YEAR 118 65 (10)Other components in the comprehensive income statementTOTAL COMPREHENSIVE INCOME 118 65 (10)Equity investments held by the Snam Group % (*) 40.50% 89.22% 40.00%Total comprehensive income statement held by Snam 48 58 (4)(*) The equity investment in Trans Austria Gasleitung GmbH is valued on the basis of the percentage of economic rights held.Ter\u00e9ga Holding S.A.S.Ter\u00e9ga Holding S.A.S. is a company operating under French law which controls Ter\u00e9ga S.A. and Ter\u00e9ga Solutions S.A.S., through Ter\u00e9ga S.A.S., wholly-owned by Ter\u00e9ga Holding S.A.S.Ter\u00e9ga S.A. operates in the transportation and storage of natural gas in south-west France. Natural gas transportation and storage activities in France are subject to regulation.Ter\u00e9ga Solutions S.A.S. is a company operating in non-regulated activities, whose objective is to develop solutions oriented towards the energy transition: biomethane, hydrogen, multi-energy and digital.As of 31 December 2022, Ter\u00e9ga Holding S.A.S. was an investee company of Snam S.p.A. (40.5%), Pacific Mezz Luxembourg Sarl (GIC) (31.5%), Ouestgaz SAS (EDF) (18), Pr\u00e9voyance Dialogue du Cr\u00e9dit Agricole SA (10%) and Cr\u00e9dit Agricole Assurances Retraite SA (1%). Ter\u00e9ga Holding S.A.S.\u2019s consolidated financial statements include Ter\u00e9ga Holding S.A.S., Ter\u00e9ga S.A.S, Ter\u00e9ga S.A. and Ter\u00e9ga Solutions S.A.S.Corporate governance rules provide that decisions on certain matters of particular interest to the company must be taken with the favourable vote of Snam and GIC shareholders.The interest payment to shareholders on the nominal amount of the 470 million euros convertible bond loan (of which Snam has subscribed 190 million euros) may be deferred at the discretion of the issuer Ter\u00e9ga S.A.S.. Trans Austria Gasleitung Gmbh (TAG) Trans Austria Gasleitung GmbH (TAG) is a company operating under Austrian law that is active in the natural gas transportation segment. It owns the gas pipeline that links the Slovakian- Austrian border to the Tarvisio entry point in Italy.Natural gas transportation in Austria is a regulated activity. As at 31 December 2022, Snam S.p.A. holds 84.47% of the share capital, entitling it to 89.22% of the economic rights. The remainder of the share capital (15.53%) is held by Gas Connect Austria GmbH (GCA).The contractual agreements drawn up between Snam, TAG and GCA also stipulate that if TAG is not capable of self-financing, in some specific cases, the other companies must finance it according to the equity investment held by each shareholder.Corporate governance rules provide that decisions on certain relevant activities must be taken with the unanimous consent of all members of the Supervisory Board, composed of Snam and GCA representatives, as well as employee representatives as required by Austrian law. AS Gasinfrastruktur Beteiligung GmbHAS Gasinfrastruktur Beteiligung GmbH is an Austrian company jointly controlled by Snam S.p.A. and the Allianz group, with holdings of 40% and 60% respectively.The company holds 100% of the Austrian company AS Gasinfrastruktur GmbH, which in turn holds 49% of the share capital of Gas Connect Austria GmbH (GCA), which is 51% controlled by Verbund.Corporate governance rules of AS Gasinfrastruktur Beteiligung GmbH stipulate that decisions at management level must be taken by simple majority with the favourable vote of a Managing Director of Snam and one of Allianz.10.2 Investments in associatesThe economic and financial data relating to investments in associates considered significant, referring to the financial 20statement values prepared according to IFRS standards of the investee companies, are reported below: 31.12.2021Galaxy Sen\ue7aeuga Trans Adriatic Pipeline Industrie Energy Interconnector (million euros)Pipeline A.G. Italgas S.p.A.Assets De Nora Infrastructure Limited(TAP)HoldCo S.p.A.Holding S.A. Limited Current assets 533 2,177 201 69 196 519Non-current Assets 4,439 7,951 816 625 8,419 632Total assets 4,972 10,128 1,017 694 8,615 1,151Current liabilities (407) (1,347) (130) (47) (97) (469)Non-current liabilities (3,472) (6,638) (376) (141) (6,801) (110)Total liabilities (3,879) (7,985) (506) (188) (6,898) (579)TOTAL ASSETS 1,093 2,143 511 506 1,717 572- attributable to third parties 251 254 1 4- attributable to the investee 1,093 1,892 257 505 1,717 568shareholders Equity investments held 20% 13.49% 54% 23.68% 12.327% 35.63%by the Snam Group %Total net assets attributable 219 255 139 120 212 202to the Snam GroupGoodwill 91 5 261Reductions/increases in value (59) EQUITY INVESTMENTS ACCOUNTED 310 255 139 61 217 463FOR USING THE EQUITY METHODRevenue 767 1,371 215 58 655Operating profit/loss 456 583 92 35 (4) 88NET RESULT 289 381 62 28 204 67Other components in the 108 13 5 202 16comprehensive income statementTOTAL COMPREHENSIVE INCOME 397 394 67 28 406 83- attributable to third parties 12 21 - attributable to the investee397 382 46 28 406 83 shareholders TOTAL GROUP COMPREHENSIVE 397 394 67 28 406 83INCOME STATEMENTEquity investments held 20% 13.49% 54% 23.68% 12.327% 35.63%by the Snam Group %Total comprehensive income statement attributable 79 52 25 7 50 29to the Snam Group20 The financial statement figures for associates, reported in full, have been updated to include adjustments made by the Parent Company pursuant to the equity-accounting method. The aforementioned amounts relate to the preliminary and/or approved reporting packages. With regard to the company Industrie De Nora, the last reporting package subject to a full audit is that of 31 December 2021. During 2022, Snam adjusted the value of the investment to take into account: (i) the effects related to the IPO, completed in June, including the capital increases functional to the transaction itself and the distribution of dividends; (ii) the estimated net profit for the year 2022.31.12.2022Galaxy Sen\ue7aeuga Trans Adriatic Pipeline Energy Interconnector (million euros)Pipeline A.G. Italgas S.p.A.Assets Infrastructure Limited(TAP)HoldCo Holding S.A. Limited Current assets 892 1,862 358 267 198Non-current Assets 4,615 9,138 904 587 7,208Total assets 5,507 11,000 1,262 854 7,406Current liabilities (546) (1,421) (256) (72) (47)Non-current liabilities (3,168) (7,176) (435) (321) (6,827)Total liabilities (3,714) (8,597) (691) (393) (6,874)TOTAL ASSETS 1,793 2,403 571 461 532- attributable to third parties 282 259- attributable to the investee shareholders 1,793 2,121 312 461 532Equity investments held 20% 13.49% 54% 23.68% 12.327%by the Snam Group %Total net assets attributable 359 285 168 109 66to the Snam GroupGoodwill 91 5Reductions/increases in value (25)EQUITY INVESTMENTS ACCOUNTED 450 285 168 84 70FOR USING THE EQUITY METHODRevenue 874 2,279 324 197Operating profit/loss 653 1,117 121 115 (3)NET RESULT 298 436 82 75 (1,203)Other components in the comprehensive 399 52 21 174income statementTOTAL COMPREHENSIVE INCOME 697 488 103 75 (1,029)- attributable to third parties 27 33- attributable to the investee shareholders 697 461 70 75 (1,029)TOTAL GROUP COMPREHENSIVE 697 488 103 75 (1,029)INCOME STATEMENTEquity investments held 20% 13.49% 54% 23.68% 12.327%by the Snam Group %Total comprehensive income statement 139 61 38 18 (127)attributable to the Snam GroupTrans Adriatic Pipeline A.G. (TAP) Trans Adriatic Pipeline A.G. (TAP) is a Swiss company established to design, develop, build and operate the gas pipeline extending from the Greek-Turkish border to Italy (at the entry point in San Foca-Melendugno), crossing Greece and Albania. Construction of the pipeline has been completed and the asset has been commercially operational as of 15 November 2020.As at 31 December 2022, TAP is an investee company of Snam International B.V. (20%), AzTAP GmbH (20%), BP Pipelines 21TAP Limited (20%), Fluxys Europe B.V. (19%), Enagas Internacional S.L.U. (16%) and Axpo Trading A.G. (5%).Under current corporate governance rules, none of TAP\u2019s shareholders is able to exercise control over the company, including in a joint capacity.21 On 27 January 2023 Axpo Trading A.G. signed an agreement for the sale of its entire stake in TAP to Enagas (4%) and Fluxys (1%) for a total amount of approximately 210 million euro; completion of the transaction is expected by the second half of 2023; at the end, each shareholder will hold 20% of the capital of TAP.Italgas S.p.A. Italgas S.p.A. is an Italian company that controls 100% of Italgas Reti S.p.A., Geoside S.r.l., Bludigit S.p.A., Italgas Newco S.r.l. and Italgas Acqua S.p.A., companies operating in the natural gas distribution sector in Italy, energy efficiency, IT services and the management of the water service in five municipalities in Campania.At 31 December 2022, Italgas S.p.A. is an investee company of Snam (13.5%) and C.D.P. Reti S.r.l. (26.05%), with the remainder held by third-party shareholders.On 7 November 2016, the unbundling of the natural gas distribution business from Snam S.p.A., the shareholders\u2019 agreement signed on 20 October 2016 between the Company, CDP Reti S.p.A. and CDP Gas S.r.l. concerning all shares held by each of them in Italgas S.p.A. became effective. The Shareholders' Agreement, as at the date hereof, constitutes a voting and block syndicate, with the right for Snam to withdraw early in the event that, in the event of Snam\u2019s dissenting vote on the syndicated shares on certain reserved matters of an extraordinary nature, Snam does not sell its shareholding in Italgas within the following 12 months (\u201cAccelerated Exit\u201d). Transfers of Snam\u2019s equity investment in Italgas S.p.A. (including in the event of an Accelerated Exit) are subject not only to advance approval by CDP Reti, but also to the subrogation of a third party. In addition, Snam may not increase its equity investment. The agreement has a three-year term that is renewable barring notice of termination; in the event that Snam does not renew, CDP Reti shall have an option to purchase at fair market value Snam\u2019s equity investment in Italgas.Senfluga Energy Infrastructure Holding Senfluga Energy Infrastructure Holdings S.A. is a company under Greek law owned by Snam S.p.A. (54%), Enag\u00e1s Internacional S.L.U. (18%), Fluxys Europe B.V. (18%) and DAMCO Energy S.A. (10%), which owns a 66% stake in Hellenic Gas Transmission System Operator S.A. (DESFA), Greece's national natural gas infrastructure operator. DESFA owns and manages a regulated system for a high pressure transportation network covering around 1,500 km, as well as a regasification terminal at Revithoussa. Greece, an important crossroads for the diversification of procurement and the opening of new natural gas routes in Europe, has further development potential as a south-east European hub.Under current corporate governance rules, Snam has negative sole control over Senfluga (and, through it, over DESFA), while Senfluga has sole control over DESFA. Galaxy Pipeline Assets Holdco Limited Galaxy Pipeline Assets Holdco Limited (\"HoldCo\") holds 100% of Galaxy Pipeline Assets Bidco Limited (\"BidCo\"), which in turn holds a 47.7% stake in ADNOC Gas Pipeline Assets LLC (\"AssetCo\"). Snam holds a 12.327% interest in the international consortium, consisting of GIP III Galaxy HoldCo II Limited (GIP), Infracore Investment Holdings Limited, Raffles Infra Holdings Limited, NH Galaxy Pipeline Holdco Limited, Galaxy Pipeline Assets Topco Limited.AssetCo, a subsidiary of ADNOC (Abu Dhabi National Oil Company), holds a twenty-year lease on ADNOC\u2019s strategic assets relating to gas and LNG transportation in the United Arab Emirates; the management and use of these assets are held by ADNOC for the same twenty-year term. Snam is the only industrial operator in the consortium, representing an important investment opportunity in a strategic infrastructure in the Gulf area.The rules of governance provide that decisions on certain matters of particular interest to the company must be taken by a reinforced majority vote or unanimously. Interconnector LimitedInterconnector Limited is a company under British law that owns the two-way pipeline that joins the United Kingdom to Belgium and the rest of Europe. As at 31 December 2022, Interconnector Limited is an investee company of Snam International B.V. (23.68%) and Fluxys UK Ltd (76.32%). Interconnector Limited directly holds 48% of the Dutch company Interconnector Zeebrugge Terminal BV (in turn 25% owned by Snam International BV) and 1% indirectly through Interconnector Leasing company Ltd.The governance of Interconnector Limited is structured in such a way as to ensure in some case veto rights in favour of Snam International B.V., aimed at protecting the investment and supervising certain decisions of particular importance to Snam International B.V.Industrie De Nora S.p.A.Industrie De Nora, an Italian company founded in 1923, is a global supplier of innovative technologies and solutions for water treatment. The Company has significant growth prospects due to its exposure to two mega-trends in the energy transition, namely green hydrogen production and water treatment.As of 30 June 2022, the Company is listed on Euronext Milan, a regulated market organised and managed by Borsa Italiana S.p.A.At 31 December 2022, Snam S.p.A. held 25.79% of the share capital of Industrie De Nora through Asset Company 10 S.r.l. Individually non-significant minor equity investments in joint ventures and associatesIn addition to the investments in companies discussed above, the following are the carrying amounts of the individually non-significant equity investments in a jointly controlled company and in two associated companies, accounted for using the equity method:(million euros) 2022Aggregate value of individually minor equity investments in joint ventures 84 Snam Group's share of profit/(loss) for the year 6 Share of other components in the comprehensive income statement attributable to the Snam Group 16 TOTAL SHARE OF COMPRHENSIVE INCOME ATTRIBUTABLE TO THE SNAM GROUP 22 11 OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS31.12.2021 31.12.2022(million euros)Non-Non-CurrentTotal CurrentTotalcurrentcurrentLong-term financial receivables 1 301 302 2 116 118Minority investment accounted at FVTOCI 94 94 52 52Short-term financial receivables- short-term over 90 days 5 5 1 1Other 2 2 4 4TOTAL OTHER CURRENT AND NON-CURRENT 6 397 403 3 172 175FINANCIAL ASSETSLong-term financial receivables amounted to 118 million euros and decreased by 184 million euros compared to 31 December 2021, mainly due to the repayment by OLT of a principal portion of the outstanding shareholder loan, against the simultaneous refinancing of the company on the banking market. Minority interests valued at FVTOCI (52 million euros) essentially relate to the valuation of the shares held by Snam in the capital of ITM Power PLC (2.082% stake), in the capital of Terminale GNL Adriatico S.r.l. (7.3% stake) and in the capital of Storegga Limited (5% stake), respectively amounting to 13 million euros (59 million euros at 31 December 2021), 27 million euros (34 million euros at 31 December 2021) and 10 million euros. Movements during the year in respect of investments valued at FVTOCI are analysed as follows: (million euros)Value as at 31.12.2021 94Acquisitions and subscriptions 11Change in fair value through other components in the comprehensive income statement (44)Assignments and reimbursements (9)Value as at 31.12.2022 5212 INVENTORIES CURRENT AND NON-CURRENT AND THIRD-PARTY NATURAL GAS IN STORAGE31.12.2021 31.12.2022(million euros)for for Gross Net Gross Net Impairment Impairment valuevaluevaluevaluelosseslossesRaw materials and consumables 102 (13) 89 848 (15) 833Finished products and goods 64 (32) 32 2,403 (34) 2,369Total current inventories 166 (45) 121 3,251 (49) 3,202Total non-current inventories - Compulsory inventories 363 363 363 363TOTAL INVENTORIES CURRENT AND NON-CURRENT 529 (45) 484 3,614 (49) 3,565Current inventories (3,202 million euros, net of the provision for impairment losses) increased by 3,081 million euros, mainly due to purchases made to ensure the security of gas supplies in Italy for the coming winter. In particular, purchases were made in implementation of the following Authority Resolutions: (i) Resolution 165/2022/R/Gas, which provided for the procurement by Snam Rete Gas of volumes to cover system gas (about 0.6 billion cubic metres for a total countervalue of 706 million euros as at 31 December 2022); (ii) Resolution 274/2022/R/Gas, which defined the provisions for the filling 22service of last resort (about 1.4 billion cubic metres for a total countervalue of 2,348 million euros).The value of the inventories of gas purchased against these resolutions is offset by the recognition, for the same amount, of balance sheet liabilities.The provision for impairment losses essentially relates to the write-down (30 million euros), made in 2014, of 0.4 billion cubic metres of natural gas used in storage activities against strategic gas unduly withdrawn by some service users during 232010 and 2011.Non-current inventories include minimum quantities of natural gas that the storage companies are obliged to hold pursuant to Presidential Decree no. 22 of 31 January 2001 (so-called Compulsory inventories). The quantities of gas in storage, corresponding to approximately 4.5 billion standard cubic metres of natural gas, are 24determined annually by the Ministry of Economic Development.Inventories are not pledged to guarantee. Inventories do not secure liabilities, nor inventories recognised at net realisation value. 22 Against the increase in gas inventories, liabilities of equal amounts were recognised, representing the company's obligation to the regulator on the use of gas (Resolution 165/2022/R/gas, 706 million euros) and on the relegation of the amounts obtained from the sale of the relevant quantities of gas (Resolution 274/2022/R/Gas, 2,348 million euros). 23 For more information regarding the progress of the lawsuits under way, see Note 27.3.2 \u201cRecovering receivables from users of the storage system\u201d. 24 On 10 January 2022, the Ministry confirmed the total volume of strategic storage for the contractual year 2022-2023 (01 April 2022 - 31 March 2023) at 4.62 billion cubic metres or approximately 48,846 gigawatt hours GWh, unchanged compared with the thermal year 2021-2022 (01 April 2021-31 March 2022). The Stogit share was unchanged at 4.5 billion cubic metres. 12.1 Third-party natural gas in storageRisks for third-party assets in storage, amounting to 9,574 million euros(3,653 million euros at 31 December 2021), relate to approximately 7 billion cubic metres of natural gas deposited in storage facilities by customers benefiting from the service. The amount was determined by valuing the quantities of gas stored at the assumed unit repurchase cost, which is approximately 1.32 euros per standard cubic metre (0.54 euros per standard cubic metre at 31 December 2021).13 OTHER CURRENT AND NON-CURRENT ASSETS31.12.2021 31.12.2022(million euros)Non-Non-CurrentTotal CurrentTotalcurrentcurrentVAT credits 201 201 23 23Market value of derivative cash flow hedges- Fair value interest rate hedging derivatives 2 2 4Prepaid expenses 9 14 23 13 9 22Assets arising from contracts with customers 34 34 22 22Regulatory activities 17 40 57 42 74 116Security deposits 13 13 14 14Ecobonus/Sismabonus credits 12 21 33 13 72 85Other tax credits 4 4Other 1 1 17 7 24TOTAL OTHER CURRENT AND NON-CURRENT ASSETS 273 89 362 136 178 314VAT receivables (23 million euros) decreased by 178 million euros mainly as a result of a non-recourse assignment transaction entered into by Snam S.p.A. relating to receivables from the 2021 and 2022 tax years, with a total nominal value of 170 million euros.It should also be noted that on 5 August 2022, Evolve S.p.A. executed a non-recourse assignment transaction of Ecobonus and Superbonus credits for a nominal value of 43 million euros, against the invoice discount applied by the same to its customers on the amount due in relation to the interventions carried out pursuant to the Relaunch Decree.Assets arising from the valuation at market value of cash flow hedge derivatives (4 million euros in total) refer to two Interest Rate Swap (IRS) derivative contracts. IRS contracts are used to hedge the risk of interest rate fluctuations on a bond loan, with a nominal amount of 106 million euros. Through derivatives, floating rate liabilities are converted into fixed rate liabilities.The main characteristics of the derivatives in question are summarised in the tables below:INTEREST RATE SWAP(million euros)Contract Remaining Nominal Nominal Market Market Type of derivative Contract Snam Snam e\ue7aaective duration Value Value Value Value contractexpiry datepaysreceivesdate(years)31.12.202131.12.202231.12.202131.12.2022Euribor 3 Interest Rate Swap2 August 2017 2 August 20241,6 0.4360%106 106 (2) 4mesiEuribor 3 Interest Rate Swap 31 July 2018 31 July 2022 0.1250%150 (1)mesiTOTAL INTEREST RATE SWAP 256 106 (3) 4The fair value hedging derivatives and their classification as a current or non-current asset/liability have been determined using generally accepted financial measurement models and market parameters at the end of the period.Information on the risks hedged by the derivatives and on policies adopted by the Company to hedge against these risks is provided in Note 27 - Financial risk management\u201d.Prepaid expenses (22 million euros) mainly refer to upfront fees and the substitute tax on revolving credit lines (18 million euros).Security deposits (14 million euros) provided to support operating activities, mainly in connection with the natural gas transportation segment.Assets from contracts with customers (22 million euros) refer to contract work in progress on biogas plants.14 CASH AND CASH EQUIVALENTSCash and cash equivalents of 1,757 million euros (1,337 million euros at 31 December 2021) consist mainly of current accounts and bank deposits in euros (1,659 million euros), which represent the use of cash held for the Group\u2019s financial needs, and cash and cash equivalents from subsidiaries (in total 97 million euros).The average yield on cash investments is approximately 0.18% and there are no restrictions on their use.A comprehensive analysis of the financial situation and major cash commitments during the year can be found in the Cash Flow Statement.15 TRADE RECEIVABLES AND OTHER RECEIVABLES (million euros) 31.12.2021 31.12.2022Trade receivables, gross of provision for impairment losses 2,814 4,344Provision for bad debt (85) (100)Total trade receivables 2,729 4,244Other receivables - Other receivables from the Energy and Environmental Services Fund (CSEA) 552 260- Advances to suppliers 24 50- Investment credits 11 50- IRES receivables for domestic tax consolidation to former parent company 10 10- Other 5 10Total other receivables 602 380TOTAL TRADE RECEIVABLES AND OTHER RECEIVABLES 3,331 4,624Trade receivables (4,244 million euros, net of the bad debt provision), mainly relate to the transportation (3,151 million euros), energy transition (807 million euros) and natural gas storage (251 million euros) sectors.Trade receivables relating to the storage sector include VAT receivable invoiced to users in previous years for the use of 25strategic gas collected and not replenished (77 million euros, unchanged from 31 December 2021).Trade receivables include receivables and invoices to issue from customers related to energy efficiency projects (648 million euros) pending conversion into tax credits for ecobonus.The fair value measurement of trade and other receivables does not have a significant effect given the short period of time between the origination of the receivable and its maturity and the contractual terms. 25 For more details, please refer to note no. 27.3.2 \"Recovery of claims against storage system users\".The provision for bad debt (100 million euros) mainly concerns the write-downs made in previous years on receivables arising from the balancing service, against Resolution 608/2015/R/gas by which the Authority ordered the partial recognition, to the balancing manager (Snam Rete Gas), of uncollected receivables relating to the period from 1 December 262011 to 23 October 2012 (70 million euros, including related interest). Other receivables from CSEA mainly refer to settlement receivables (202 million euros) of Snam Rete Gas. Investment receivables (50 million euros) refer to the advance payments made on the basis of contractual agreements signed with the counterparty for the purchase of the FSRU vessel 'BW Singapore'(42 million euros), the closing of which is expected by the end of 2023, and receivables for works for interferences with third parties related to the transportation segment (so-called recharges). IRES receivables for the national tax consolidation regime (10 million euros) mainly related to receivables from the former parent company, Eni, relating to the IRES refund request resulting from the partial IRAP deduction relating to tax years 2007 to 2011 (pursuant to Decree-Law 201/2011).All receivables are in euros. Receivables from related parties are described in Note 37 \u201cTransactions with related parties\u201d. Specific information on credit risk can be found in Note 25.3 \u201cFinancial risk management - Credit risk\u201d. 16 CURRENT AND NON-CURRENT INCOME TAX ASSETS/LIABILITIES (million euros) 31.12.2021 31.12.2022- Receivables from tax authorities for IRES 11 47- Receivables from tax authorities for IRAP 3TOTAL CURRENT INCOME TAX ASSETS 11 50- Payables to tax authorities for IRES (36) (5)- Payables to tax authorities for IRAP (1) (2)- Other tax liabilities (13) (14)TOTAL CURRENT LIABILITIES FOR INCOME TAXES (50) (21)Other tax liabilities (14 million euros) refer to substitute tax liabilities relating to the tax realignment pursuant to the Decree-Law of 14 August 2020.In relation to activities of a fiscal nature, it should be noted that, since the company constantly invests in Research and Development and Technological Innovation activities, subsequent to the end of the current financial year, the calculations relating to the tax credit accrued on an accrual basis pursuant to Law no. 160/2019, paragraphs 198-207, as amended by Law no. 178/2020 and Law no. 234/2021, will be finalised, and the preparation of the documentation supporting this credit (so-called documentary expenses) will be completed. An estimate of the amount of this tax credit is not available at the time of preparation of this document.Taxes for the year under review are shown in Note 34 \u201cIncome taxes\u201d.26 Pursuant to the provisions of Resolution 608/2015/R/gas, the Company made a provision for impairment losses for a value of approximately 125 million euros, which, following the Council of State's ruling of 5 March 2020, was released at a value of approximately 35 million euros. During the financial year 2021, an amount of 20 million euros was written off for the conclusion of a bankruptcy procedure concerning a user. As at 31 December 2022, the value of the provision for bad debt amounted to 70 million euros (70 million at 31 December 2021) and related to the balancing receivables due to the Company from certain customers with whom bankruptcy proceedings are in progress.17 ASSETS HELD FOR SALE AND DIRECTLY ASSOCIATED LIABILITIES Assets held for sale (84 million euros) and directly associated liabilities (17 million euros) refer to the set of assets and liabilities arising from the consolidation of controlling interests held by Iniziative Biometano S.p.A., a company 51% owned by Snam through its wholly-owned subsidiary Bioenerys S.r.l., as well as jointly controlled companies and associates held directly and indirectly by Iniziative Biometano S.p.A. itself.Assets mainly concern tangible assets (36 million euros) and intangible assets (26 million euros, including goodwill), while liabilities mainly refer to short-term financial liabilities (3 million euros) and trade payables (3 million euros). The classification of these assets and liabilities as a disposal group held for sale, in accordance with IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations', follows the signing in December 2022 of a binding agreement between the shareholders of Iniziative Biometano S.p.A. aimed at separating the shareholding structure. 18 CURRENT AND NON-CURRENT FINANCIAL LIABILITIES31.12.2021 31.12.2022Current Current Non-current Non-current \ue7acnancial \ue7acnancial \ue7acnancial liabilities\ue7acnancial liabilitiesliabilitiesliabilities(million euros)Bonds 1,172 4,638 3,328 7,966 9,138 757 4,527 4,173 8,700 9,457Bank loans 610 688 1,417 980 2,397 3,695 150 479 1,335 896 2,231 2,860Euro Commercial Paper - ECP 2,503 2,503 1,128 1,128Other lenders 2 2 2 200 200 202Financial payables for leased assets 6 12 2 14 20 7 18 8 26 33TOTAL CURRENT AND NON-CURRENT 3,115 1,866 6,067 4,310 10,377 15,358 1,280 1,243 6,080 5,077 11,157 13,680FINANCIAL LIABILITIES18.1 Short-term financial liabilitiesShort-term financial liabilities, amounting to 1,280 million euros, mainly include to the use of floating rate uncommitted bank credit lines (100 million euros) and the issuing of unsecured short-term bonds (Euro Commercial Papers) issued by the money market and placed with institutional investors (1,128 million euros). The weighted average interest rate on short-term financial liabilities was 0.06% (-0.36% for 2021). There are no short-term financial liabilities denominated in currencies other than the euro.18.2 Long-term financial liabilities and short-term portion of long-term financial liabilitiesLong-term financial liabilities, including the short-term portion of long-term liabilities, amounted to a total of 12,400 million euros and mainly relate to bond loans (9,457 million euros), bank loans (2,860 million euros) and financial payables for leased assets (33 million euros).The following table provides a breakdown of bond loans, indicating the issuing company, the year of issue, the currency, the average interest rate and the maturity. Nominal Nominal Issued Maturity Balance at Balance at (million euros)Value Value Rate (%)(year)(year)31.12.202131.12.202231.12.202131.12.2022Euro Medium Term Notes (EMTN)Bond 5.25% 582 5.25 2012 2022 590Bond 3.25% (a) 385 365 3.25 2014 2024 395 375Bond 1.50% (a) (b) 190 155 1.50 2014 2023 193 157Bond 1.375% (a) 167 140 1.375 2015 2023 160 137Bond 0.875% 1,250 1,250 0.875 2016 2026 1,247 1,248Bond 1.250% (a) 339 267 1.250 2017 2025 342 269Floating Bond 151 0,6+eur3m 2017 2022 151Floating Bond 106 106 0.836 2017 2024 106 106Bond 1.375% (a) 650 553 1.375 2017 2027 649 552Bond 1.000% (a) (c) 522 423 1.000 2018 2023 520 425Bond 1.250% (Climate Action bond) 500 500 1.250 2019 2025 500 500Bond 1.625% 250 250 1.625 2019 2030 252 252Bond 0% 700 700 0 2019 2024 697 699Bond 1% 600 600 1 2019 2034 591 592Bond 0.75% (Transition bond) 500 500 0.75 2020 2030 500 499Bond 0% (Transition bond) 600 600 0 2020 2028 597 597Bond 0% (Transition bond) 500 500 0 2021 2025 500 500Bond 0.75% (Transition bond) - TAP 250 250 0.75 2021 2030 258 258Bond 0.625% (Transition bond) 500 500 0.625 2021 2031 494 495Bond 0.75% (Sustainability-Linked Bond) 850 0.75 2022 2029 846Bond 1.25% (Sustainability-Linked Bond) 650 1.25 2022 2034 651Bond 3.375% (Taxonomy-Aligned 300 3.38 2022 2026 299Transition Bond)Total Euro Medium Term Notes (EMTN) 8,742 9,459 8,742 9,457Convertible bondsConvertible Bond 397 2017 2022 396TOTAL BOND LOANS 9,139 9,459 9,138 9,457(a) Bond loans subject to the 2022 Liability Management operation.(b) Bond re-opened in January 2015 for an incremental amount of 250 million euros with an interest rate and maturity similar to the original placement.(c) Bond re-opened in November 2018 for an incremental amount of 300 million euros with an interest rate and maturity similar to the original placement.Bonds (9,457 million euros) increased by 319 million euros compared to 31 December 2021 mainly as a result of: (i) the dual tranche issue of a fixed-rate Sustainability-Linked Bond, for a total nominal value of 1,500 million euros; (ii) the issue of the first EU Taxonomy-Aligned Transition Bond at a fixed rate, for a total nominal amount of 300 million euros. These changes were partly offset by the redemption of three bonds, with a total nominal value of 1,130 million euros, and the repurchase of bonds on the market, with a total nominal value of 350 million euros.Payables for bank loans (2,860 million euros) mainly relate to maturing loans (term loans), of which 1,572 million euros concern European Investment Bank (EIB) funding.There are no other long-term bank loans denominated in currencies other than the euro.27The weighted average interest rate on bank loans used (excluding loan contracts with the EIB) was 0.36% (0.2% for FY 2021). Amounts due to other lenders amounting to 202 million euros (2 million euros as of 31 December 2021) essentially refer to a Term Loan with a nominal value of 200 million euros to the parent company Cassa Depositi e Prestiti.There were no breaches of loan agreements as at the reporting date.Snam also has unused committed credit lines totalling 5.9 billion. Financial covenants and negative pledge commitmentsAt 31 December 2022, Snam has bilateral and syndicated loan agreements in place with banks and other lenders that are not secured by collateral.Some of these agreements include, inter alia, compliance with typical international practice commitments, some of which are subject to specific materiality thresholds, such as, for example: (i) negative pledge commitments pursuant to which Snam and its subsidiaries are subject to limitations concerning the pledging of real property rights or other restrictions on all or part of the respective assets, shares or merchandise; (ii) pari passu and change-of-control clauses; (iii) limitations on certain extraordinary transactions that the Company and its subsidiaries may carry out; and (iv) limits on the debt of subsidiaries.Failure to comply with these covenants, and the occurrence of other events such as cross- default events could result in Snam\u2019s failure to comply and, possibly, trigger the early repayment of the related loan. Exclusively for the EIB loans, the lender has the option to request additional guarantees if Snam\u2019s credit rating is lower than BBB (Standard & Poor\u2019s/Fitch Ratings Limited) or Baa2 (Moody\u2019s) for at least two of the three ratings agencies.The occurrence of one or more of the aforementioned scenarios could have negative effects on Snam Group\u2019s operations, results, balance sheet and cash flow, resulting in additional costs and/or liquidity issues.At 31 December 2022, the financial debt subject to these restrictive clauses amounted to approximately 3 billion.Bonds issued by Snam as at 31 December 2022, with a nominal value of approximately 9.5 billion, referred to securities issued under the Euro Medium Term Notes programme. The covenants established for the programme\u2019s securities are typical of international market practice and consist of, inter alia, negative pledge and pari passu clauses. Specifically, under the negative pledge clause, Snam and its material subsidiaries are subject to limitations to pledging or maintaining encumbrances on all or part of their assets or proceeds to guarantee present or future debt, unless this is explicitly permitted.27 It excludes the depreciation of the upfront fees. 18.3 Breakdown of net financial debtThe following table provides a breakdown of net financial debt, showing transactions with related parties:(million euros) 31.12.2021 31.12.2022A. + B. Cash and cash equivalents 1,337 1,757C. Other current financial assets D. liquidity (a + b + C) 1,337 1,757E. Current financial debt (including debt instruments, but excluding the current portion 3,115 1,280of non-current financial debt)F. Current portion of non-current financial debt (*) 1,866 1,243G. Current financial debt (E + F) 4,981 2,523of which with related parties 1 1H. Net current financial debt (G - D) 3,644 766I. Non-current financial debt (excluding current portion and debt instruments) (*) 2,411 2,457J. Debt instruments 7,966 8,700K. Trade payables and other non-current payablesL. Non-current financial debt (I + J + K) 10,377 11,157of which with related parties 200M. Total financial debt (H + L) 14,021 11,923(*) They include financial liabilities for leased assets recognised in accordance with IFRS 16 \"Leases\", of which 26 million euros are long-term and 7 million euros are short-term portions of long-term financial liabilities.18.4 Reconciliation of net financial debtIn compliance with the provisions of IAS 7 \u201cStatement of Cash Flows\u201d, we provide below the cash and non-cash changes to liabilities arising from financing activities and to assets included in net financial debt. Changes without impact on cash \ue7aeowConversion (million euros)Changes Change in Impact of into shares Other 31.12.2021in cash scope of 31.12.2022IFRS 16convertible changes\ue7aeowconsolidationbondCash and cash equivalents 1,337 427 (7) 1,757Liquidity and financial receivables 1,337 427 (7) 1,757Short-term financial liabilities (*) 3,115 (1,888) 53 1,280Long- term financial payables (*) 12,223 448 59 (381) 18 12,367Financial payables for leased assets 20 (8) 16 4 1 33Gross financial debt 15,358 (1,448) 16 116 (381) 19 13,680Net financial debt 14,021 (1,875) 16 116 (381) 26 11,923(*) They include the short-term portions of long-term financial debt.19 PROVISIONS FOR RISKS AND CHARGES 31.12.2021UtilisationsIncreases (million euros)Opening due for for Other Final Provisions balance to passing expensesexcesschangesbalance of timeProvision for decommissioning 710 4 (21) 20 713and site restorationProvision for litigation 15 4 (3) 16Provision for tax litigation 4 1 (1) 4Other provisions 69 15 (28) (7) 49TOTAL PRO VISIONS FOR RISKS 798 20 4 (49) (11) 20 782AND CHARGES31.12.2022UtilisationsIncreases (million euros)Opening due for for Change Other Final Provisionsbalance to passing expensesexcessin scope of changesbalance of timeconsolidationProvision for decommissioning 713 12 (7) 8 (228) 498and site restorationProvision for litigation 16 14 (9) 21Provision for tax litigation 4 8 (1) 11Other provisions 49 13 (18) 44TOTAL PRO VISIONS FOR RISKS 782 35 12 (25) (10) 8 (228) 574AND CHARGESThe provision for decommissioning and site restoration (Euro 498 million) includes the discounted estimate of costs expected to be incurred for the removal of facilities and the restoration of sites essentially in the natural gas storage (411 28million euros) and transportation (68 million euros) segments. The discounting for the provision for decommissioning and site restoration was carried out using the corresponding to the euro area Corporate Bond returns with an \u201cAA\u201d rating. The rate thus determined is approximately 3.7%. The last deadline in chronological order for disbursements related to the dismantling and restoration storage sites refers to the Bordolano concession, in 2041. The change in the scope of consolidation (8 million euros) refers to the acquisition of the companies operating in the biomethane business.The other changes (228 million euros) mainly refer to the effects deriving from the increase in the discount rates, mainly referring to the natural gas storage and transportation segment and partially off-set by inflation rates. Other provisions for risks and charges (44 million euros) mainly concern: (i) charges that the Group\u2019s insurance company Gasrule Insurance DAC expects to incur for insured claims (22 million euros); (ii) the provision for voluntary redundancies (7 million euros); (iii) the provision relating to the estimate of probable charges of a fiscal and financial nature (7 million euros). 28 The costs refer to the estimated expenses for the removal of the connection works to the Livorno LNG regasification terminal - OLT Offshore LNG Toscana. 29The sensitivity of the discount rate represents the change in the value of the actuarial liability obtained using the end-of-year valuation data, changing the discount rate, without any change in the other assumptions.(million euros) Change in discount rate10% reduction 10% increaseChange in the provision for decommissioning and site restoration at 31.12.2022 30 (28)20 DEFERRED TAX LIABILITIES/ASSETS (million euros) 31.12.2021 31.12.2022Deferred tax liabilities, before offsetting 230 128Offsetting with deferred tax assets (195) (77)DEFERRED TAX LIABILITIES 35 51Deferred tax assets, before offsetting (497) (408)Offsettable deferred tax liabilities 195 77DEFERRED TAX ASSETS (302) (331)Deferred tax liabilities and assets, before offsetting, are analysed below, based on the nature of the most significant temporary differences:31.12.2021Changes Impact (million euros)Of Of Opening recognized recognised in Other Final which: which: balancein income shareholders\u2019 changesbalanceIRESIRAPstatementequityDepreciation, amortisation and impairment 394 (336) 58 58carried out for tax purposes onlyDecommissioning and site restoration 114 5 119 102 17Revaluations of tangible assets 31 3 34 32 2Capitalisation financial expense 6 6 5 1Write-down of excess receivables 3 3 3Other temporary differences 20 (9) (1) 10 8 2Deferred tax liabilities, before offsetting 568 (342) 4 230 208 22Decommissioning and site restoration (199) 4 (5) (200) (171) (29)Non-deductible depreciation and amortisation (172) (31) (203) (201) (2)Provisions for risks and charges and other (52) 7 4 (41) (37) (4)non-deductible provisionsGrants and contractual contributions (19) 1 (18) (15) (3)Employee benefits (6) 1 (1) (6) (6)Other temporary differences (30) 1 (29) (26) (3)Deferred tax assets, before offsetting (478) (17) 3 (5) (497) (456) (41)29 For the purposes of sensitivity, only provisions for risks and charges showing a significant accretion discount were taken into account. 31.12.2022Changes Impact (million euros)Change Of Of Opening recognized recognised in Other Final in scope of which: which: balancein income shareholders\u2019 changesbalanceconsolidationIRESIRAPstatementequityDepreciation, amortisation and impairment carried out for tax 58 58 58purposes onlyDecommissioning and site restoration 119 (119)Revaluations of tangible assets 34 (3) (5) 20 46 44 2Capitalisation financial expense 6 6 5 1Write-down of excess receivables 3 3 3Other temporary differences 10 2 (1) 4 15 13 2Deferred tax liabilities, before 230 (1) (125) 24 128 123 5offsettingDecommissioning and site restoration (200) (1) 119 (82) (70) (12)Non-deductible depreciation (203) (32) (235) (233) (2)and amortisationProvisions for risks and charges (41) 1 (40) (39) (1)and other non-deductible provisionsGrants and contractual contributions (18) 1 (17) (15) (2)Employee benefits (6) 2 (4) (4)Other temporary differences (29) (6) 5 3 (3) (30) (24) (6)Deferred tax assets, before offsetting (497) (37) 7 122 (3) (408) (385) (23)21 LIABILITIES FOR EMPLOYEE BENEFITS(million euros) 31.12.2021 31.12.2022Employee severance indemnity (TFR) 26 20Supplementary Health Insurance for Managers of Eni companies (FISDE) 7 4Other liabilities - employee benefits related to seniority bonuses 3 3TOTAL LIABILITIES FOR EMPLOYEE BENEFTS 36 27Liabilities for employee benefits, in the amount of 27 million euros, decreased by 9 million euros, mainly due to the increase in expected discount and inflation rates.The provision for employee severance pay (TFR), governed by Article 2120 of the Italian Civil Code, represents the estimated liability determined on the basis of actuarial procedures for the amount to be paid to employees at the time that the employment is terminated. The principal amount of the benefit is equal to the sum of portions of the allocation calculated on compensation items paid during the employment and revalued until the time that such relationship is terminated. Due to the legislative changes introduced from 1 January 2007 for companies with more than 50 employees, a significant part of severance pay to be accrued is classified as a defined-contribution plan since the company\u2019s only obligation is to pay the contributions to the pension funds or to INPS. Liabilities related to severance pay pre-dating 1 January 2007 remain a defined-benefit plan to be valued using actuarial methods. 30FISDE includes the estimated actuarially determined charges for the contributions to be paid to serving and retired managers. 30 For executives in service, contributions are calculated from the year in which the employee retires and refer to the years of service provided. 31FISDE provides financial supplementary healthcare benefits to Eni Group executives and retired executives whose most recent contract of employment was as an executive with the Eni Group. FISDE is funded through the payment of: (i) contributions by member companies; (ii) contributions paid by Shareholders for themselves and their immediate family; and (iii) ad hoc contributions for specific benefits. The amount of the liability and the healthcare cost are determined on the basis, as an approximation of the estimated healthcare expenses paid by the fund, of the contributions paid by the company in favour of pensioners.The early retirement fund refers to expenses incumbent upon the employer from application of the implementation agreement, relating to the early retirement instrument for employees regulated pursuant to Article 4 paragraphs 1 - 7 of Law 92/2012 (the \u201cFornero Law\u201d).Deferred monetary incentive plans are allocated to executives who have met the goals set out in the year preceding the allocation year, and allocate a basic incentive that is disbursed after three years and varies according to the performance achieved by the Company during the course of the three-year period following the time of the allocation. The benefit is provisioned when Snam\u2019s commitment to the employee arises. The estimate is subject to revision in future periods, based on the final accounting and updates to profit forecasts (above or below target). The long-term monetary incentive plans, involve the granting and payment, of a variable monetary bonus tied to a measure of company performance. Obtaining the benefit depends on the achievement of certain future performance levels and is conditional on the beneficiary remaining with the Company for the three-year period following the allocation (the \u201cvesting period\u201d). This benefit is allocated pro rata over the three-year period depending on the final performance parameters. From 2017, the new share-based variable long-term incentive plan (equity ILT) was introduced instead of the 32long-term monetary incentive plans (IMD and ILT).Seniority bonuses are benefits paid upon reaching a minimum service period at the company and are paid in kind in the form of goods and/or services.The composition and changes in liabilities for employee benefits, determined by applying actuarial methods, are as follows: 31.12.2021 31.12.2022(million euros)Iso-Other Other TFR FISDEpension Total TFR FISDETotalliabilitiesliabilitiesFundOPENING LIABILITIES FOR EMPLOYEE 25 6 6 3 40 26 7 3 36BENEFITSCosts related to current services (recognized 1 (4) (3) 1 1in \"personnel costs\")Actuarial (gains)/losses resulting from experience adjustments (recognised in other 1 1components in the comprehensive income statement)Actuarial (gains) / losses resulting from changes in financial assumptions (recognised 1 1 2 (5) (3) (8)in other components in the comprehensive income statement)Benefits paid (2) (2) (4) (2) (2)CLOSING LIABILITIES 26 7 3 36 20 4 3 27FOR EMPLOYEE BENEFITS31 The fund provides the same benefits for Snam Group executives. 32 For more information on the characteristics of this plan, refer to the \u201cOther information\u201d paragraph of the Directors\u2019 Report. The main actuarial assumptions used to determine liabilities at the end of the year and to calculate the cost for the following year are indicated in the table below.31.12.2021 31.12.2022(million euros)Other Other TFR FISDETFR FISDEliabilitiesliabilitiesDiscount rate (%) 0.9 0.9 0.9 4.0 4.0 4.0Inflation rate (%) (*) 1.9 1.9 1.9 2.5 2.5 2.5(*) With reference to other liabilities, the rate refers only to seniority premiums.The discount rate adopted was determined by considering the yields on bonds issued by Eurozone companies with AA ratings.The employee benefit plans recognised by Snam are subject, in particular, to interest rate risk, as a change in the discount rate could result in a significant change in the liability.The table below illustrates the effects of a reasonably possible change in the discount rate at the end of the year. It should also be noted that any changes relating to mortality do not have a significant effect on liability. The sensitivity of the discount rate represents the change in the value of the actuarial liability obtained using the end-of-year valuation data, changing the discount rate by a certain number of basis points, without any change in the other assumptions.(million euros) Change in discount rateEffect on net obligation at 31.12.2022 reduction of 0.5% increase of 0.5%Change in TFR liabilities at 31.12.2022 0 (1)Change in FISDE liabilities at 31.12.2022 1 0The maturity profile of the obligations for employee benefit plans is shown in the following table:31.12.2021 31.12.2022(million euros)Other Other TFR FISDETotal TFR FISDETotalliabilitiesliabilitiesWithin the next financial year 2 2 1 1Within five years 4 4 5 5Over five and up to ten years 9 1 1 11 11 1 1 13More than ten years 11 6 2 19 3 3 2 8TOTAL LIABILITIES FOR EMPLOYEE BENEFITS 26 7 3 36 20 4 3 27The weighted average maturity of obligations for employee benefit plans is shown below:31.12.2021 31.12.2022(million euros)Other Other TFR FISDETFR FISDEliabilitiesliabilitiesWeighted average duration (years) 9 24 11 8 19 1022 OTHER CURRENT AND NON-CURRENT LIABILITIES31.12.2021 31.12.2022(million euros)Non-Non-CurrentTotal CurrentTotalcurrentcurrentRegulatory liabilities 19 42 61 104 112 216Fair value interest rate hedging derivatives 2 1 3IRPEF withholdings for employees 7 7 8 8Other taxes 5 14 19 29 29Security deposits 641 641 1,382 1,382Liabilities for connection contributions 3 3 6 6Other 20 17 37 727 2 729TOTAL OTHER CURRENT AND NON-CURRENT LIABILITIES 53 718 771 868 1,502 2,370Regulatory liabilities (216 million euros) mainly refer to the transportation segment (169 million euros) mainly made up of penalties charged to users that exceeded the capacity committed, to be repaid to the system through tariff adjustments. The current and non-current portions amount to 104 and 112 million euros respectively (19 and 42 million euros respectively at 31 December 2021).Security deposits (1,382 million euros) are payments received as a guarantee mainly by the users of the balancing service, pursuant to Resolution ARG/gas 45/11. The item \"Other\", equal to 729 million euros, mainly attributable to the transportation segment (706 million euros), refers to liability for the volumes of gas to use for the coming winter, in compliance with Resolution 165/2022/R/Gas \u201cUrgent provisions for the allocation of storage capacity pursuant to the decree of the Minister of Ecological Transition 1 April 2022, n.138\u201d.23 TRADE PAYABLES AND OTHER PAYABLES(million euros) 31.12.2021 31.12.2022Trade payables for the purchase of goods and services 1,348 1,546Total trade payables 1,348 1,546Other payables- Payables to the Energy and Environmental Services Fund (CSEA) 677 5,571- Payables for investment activities 412 519- Interim dividend 343 369- Payables to employees 42 45- Payables to pension and social security institutions 22 25- Other 45 54Total other payables 1,541 6,583TOTAL TRADE PAYABLES AND OTHER PAYABLES 2,889 8,129Trade payables for the purchase of goods and services (1,546 million euros) mainly relate to the transportation segment (1,163 million euros, of which 306 million euros from balancing activities). Trade payables for investments (519 million euros) mainly relate to the natural gas transportation (353 million euros) and storage (65 million euros) segments. Payables to the CSEA (5,571 million euros) mainly refer to: (i) payables related to the rebate of amounts obtained from the sale of gas volumes purchased for the last resort filling service in compliance with Resolution 274/2022/R/Gas (2,348 million euros); (ii) balancing liabilities (1,206 million euros); (iii) additional components (1,964 million euros).The interim dividend (369 million euros) refers to payable to shareholders following the 2022 interim dividend of 0.11 euros per share, approved on 09 November 2022. The advance payment was made as of 25 January 2023. Note 37 \u201cTransactions with related parties\u201d contains information about payables due to related parties.24 EQUITY (million euros) 31.12.2021 31.12.2022Share capital 2,736 2,736Treasury shares (354) (33)Share premium reserve 611 611Legal reserve 547 547Cash flow hedge reserve (54) (39)Reserve for defined-benefit plans for employees (11) (4)Fair value reserve for equity investments 32 (12)Reserve for business combinations under common control (674) (674)Other reserves 100 212Total reserves (60) 30Retained earnings 3,117 3,822Interim dividend (343) (369)Profit for the year 1,496 671Total retained earnings 4,270 4,124Equity attributable to Snam\u2019s shareholders 7,203 7,468Minorities\u2019 equity 37 56TOTAL EQUITY 7,240 7,52424.1 Share capitalAt 31 December 2022, the share capital consisted of 3,360,857,809 shares without nominal value (at 31 December 2021), against a total value of 2,735,670,475.56 euros (at 31 December 2021). 24.2 Treasury sharesThe negative reserve for treasury shares includes the purchase cost of 8,101,437 treasury shares in portfolio as at 31 December 2022 (88,556,228 treasury shares, equal to 2.63% of the share capital, as at 31 December 2021), equal to 0.24% of the share capital, for a value of book equal to 33 million euros (354 million euros as at 31 December 2021). The reduction in the number of treasury shares compared with 31 December 2021 is attributable to: (i) the assignment of 79,444,888 shares to service the Snam Convertible Bond, against requests for conversion of bonds with a nominal value of 381 million euros; (ii) the free assignment of 1,760.307 shares to Snam executives under the 2019 Share-based Incentive Plan, the vesting period of which expired in July 2022, and the simultaneous repurchase, from the assignee executives themselves, of 750,404 shares to cover the amount of taxes owed by the assignees to the Authority. Detailed information on treasury shares and long-term share-based incentive plans are shown in the \u201cOther information\u201d section of Directors\u2019 Report, to which reference should be made.24.3 Share premium reserveThe share premium reserve at 31 December 2022 amounted to 611 million euros (the same at 31 December 2021).24.4 ReservesLegal reserveThe legal reserve amounted to 547 million euros at 31 December 2022 (unchanged at 31 December 2021) and has already reached one-fifth of the share capital as required by Article 2430 of the Italian Civil Code. Cash flow hedge reserveThe cash flow hedge reserve (-39 million euros, -54 million euros at 31 December 2021, net of related tax effects) relates to the fair value measurement of hedging derivatives. The changes in the reserve during the course of the year are shown below:(million euros) Gross reserve Tax e\ue7aaect Net reserveBALANCE AT 01.01.2021 (87) 20 (67)Changes in 2021 17 (4) 13BALANCE AT 31.12.2021 (70) 16 (54)Changes in 2022 19 (4) 15BALANCE AT 31.12.2022 (51) 12 (39)Reserve for defined-benefit plans for employeesAt 31 December 2022, Reserve for defined-benefit plans for employees -4 million euros (-11 million euros at 31 December 2021) included actuarial losses, net of the relative tax effect, recognised under other components in the comprehensive income statement pursuant to IAS 19. Fair value reserve for equity investmentsThe fair value reserve as at 31 December 2022 (-12 million euros; 32 million euros as at 31 December 2021) includes the change in fair value, net of tax effects of minority interests that were designated as accounted for FVTOCI upon initial recognition (\u201cfair value recognized through other components in the comprehensive income statement\u201d). See Note 11 \u201cOther current and non-current financial assets\u201d for further details.Reserve for business combinations under common controlReserve for business combinations under common control (-674 million euros; unchanged from 31 December 2021) recognised in 2009, relates to the value arising from the difference between the purchase cost of the Stogit investment and the related shareholders\u2019 equity attributable to the group at the date of completion of the transaction, as part of a business combination under common control (BCUCC) transaction carried out in 2009 with the former parent company Eni. Other reservesOther reserves of 212 million euros (100 million euros as at 31 December 2021) mainly refer to the portion of the other components in the comprehensive income statement of equity investments accounted for using the equity method related, in particular, to the change in the fair value of derivative hedging instruments. 24.5 Retained earningsRetained earnings (4,124 million euros) include:\u2022 prior-year profits of 3,822 million euros at 31 December 2021 (3,117 million euros as at 31 December 2021); the increase of 705 million euros was mainly due to the 2021 profit remaining after the distribution of the dividend (624 million euros) and the effects of the conversion into shares of the convertible bond that matured in March 2022;\u2022 the interim dividend of 369 million euros, equal to 0.1100 euros per share, was approved on 09 November 2022 by the Board of Directors pursuant to Article 2433-bis, paragraph 5 of the Italian Civil Code. The interim dividend was paid out as of 25 January 2023, with an ex-coupon date of 23 January 2023 and a record date of 24 January 2023;\u2022 profit for the year 2022 of 672 million euros (671 million euros excluding non-controlling interests).24.6 Dividends declared and distributed and dividends to be distributedThe Ordinary Shareholders' Meeting of Snam S.p.A. resolved on 27 April 2022 to distribute a dividend of \u20ac0.1572 per share, to be paid starting from 22 June 2022 with ex-dividend date on 20 June 2022 and record date on 21 June 2022 (\u20ac527 million). The dividend for 2021 is therefore determined between an interim dividend of \u20ac0.1048 per share (\u20ac345 million), already distributed in January 2022, and the balance of \u20ac0.2620 per share.At the meeting of 15 March 2023, the Board of Directors proposed to the Shareholders' Meeting convened for 4 May 2023, the distribution of a dividend of \u20ac0.1651 per share which will be paid starting from 21 June 2023 with ex-dividend date 19 June 2023 and record date 20 June 2023. The dividend for 2022 is therefore determined between an interim dividend, equal to 0.1100 euro per share (369 million euro), already distributed in January 2023, and balance at 0.2751 euro per share.25 BUSINESS COMBINATIONS Information on business combination transactions carried out during 2022, recognised in accordance with the provisions of IFRS 3 'Business Combinations' for which, as the definition of a Business Combination (BC) is applicable, Purchase Price Allocation (PPA) activities were performed, is presented below.Acquisitions completed during 2022 that fall within the definition of 'Business Combinations' under IFRS 3In addition to the transaction that led to the acquisition of control of Iniziative Biometano, for which reference is made to the section below entitled \"Business Combination of Iniziative Biometano and evaluations performed as at as at 31 December 2022\", control of 16 companies operating in the Biogas/Biomethane business was acquired in 2022. Consistent with the 3334, and 6 companies within the Waste CGUdefinition of the Group's CGUs, 10 companies were included within the Agri CGU. 33 List of acquired companies: 1) Societ\u00e0 Agricola Asola Energie Biogas S.r.l., 2) Societ\u00e0 Agricola Tessagli Agroenergie S.r.l., 3) Societ\u00e0 Agricola Santo Stefano S.r.l. 4) Societ\u00e0 Agricola Agrimezzana Biogas S.r.l., 5) Societ\u00e0 Agricola Agrimetano S.r.l. 6) Societ\u00e0 Agricola Carignano Biogas S.r.l.; 7) Emiliana Agroenergia Societ\u00e0 Agricola S.r.l.; 8) Piacentina Agroenergia Societ\u00e0 Agricola S.r.l.; 9) Societ\u00e0 Agricola San Giuseppe Agroenergia S.r.l.; 10) Societ\u00e0 Agricola La Valle Green Energy S.r.l.34 List of acquired companies: 1) Cupello Renerwaste S.r.l.; 2) Biowaste CH4 Anzio S.r.l., 3) Biowaste CH4 Foligno S.r.l., 4) Biowaste CH4 Group S.r.l., 5) Biowaste CH4 Genova S.r.l. 6) Biowaste CH4 Tuscania S.r.l.For the purposes of these consolidated financial statements as at 31 December 2022, the company has carried out a preliminary purchase price allocation; the process of identifying the fair value of the assets and liabilities acquired will be completed in the following period and, in any case, within 12 months from each respective acquisition date. The acquisitions pertaining to the Agri CGU were finalised for a total disbursement of 43 million euros, settled in full at closing. The preliminary allocation of the acquisition price resulted in the emergence of goodwill of 17 million euros and the recognition of 33 million euros allocated to intangible assets (attributable to the fair value of the plant authorizations held by the companies being acquired) in addition to the related deferred taxes of 9 million euros. 35With regard to the acquisitions pertaining to the Waste CGU, against a total disbursement of 47 million euros, the preliminary allocation of the acquisition price resulted in the emergence of goodwill of 23 million euros and the recognition of 22 million euros allocated to intangible assets (attributable to the fair value of the plant authorizations held by the companies being acquired) in addition to the related deferred taxes of 6 million euros. Business combination of Iniziative Biometano and evaluations performed as at 31 December 2022On 30 September 2020, through Bioenerys (formerly Snam4Environment), Femogas S.p.A. acquired a 50% investiment in the share capital of Iniziative Biometano S.p.A., a company that operates in the management of biogas and biomethane plants fuelled by biomasses of agricultural origin in Italy; the investment acquired, granted the right to jointly control Iniziative Biometano S.p.A.On 11 April 2022, following the exercise of a call option provided for within the contractual agreements between the shareholders, Bioenerys increased its shareholding in Iniziative Biometano S.p.A. from 50% to 51% of the share capital, resulting in the consequent acquisition of control instead of joint control; the transaction, within Snam's condensed interim consolidated financial statements at 30 June 2022, was recognised in accordance with the provisions of IFRS 3 'Business Combinations'.On 22 December 2022, Bioenerys and Femogas S.p.A. signed a binding term sheet, aimed at outlining the execution of a series of transactions that will lead Snam, in 2023, to lose control of Iniziative Biometano and certain companies controlled by it.For more details, see Note 17 'Assets Held for Sale and Directly Associated Liabilities'.26 GUARANTEES AND COMMITMENTS The Group's guarantees and commitments are highlighted below:(million euros) 31.12.2021 31.12.2022GUARANTEES GIVEN ON BEHALF OF COMPANIES UNDER JOINT CONTROL AND ASSOCIATES 1,129 1,230Of which:- associate TAP 1,129 1,129- company under joint control TAG 89- other associates 12GUARANTEES GIVEN IN THE INTEREST OF SUBSIDIARIES 221 632TOTAL GUARANTEES 1,350 1,862GROUP COMMITMENTS FOR THE PURCHASE OF GOODS AND SERVICES (*) 988 2,058COMMITMENTS TO SUBSCRIBE UNITS IN INVESTMENT FUNDS 33 41COMMITMENTS FOR THE SUBSCRIPTION OF SHARES 6TOTAL COMMITMENTS 1,021 2,105(*) The value includes legally binding orders at the reference date.35 The purchase price of 47 million euros was settled at the closing in the amount of 44 million euros, while the remaining 3 million euros refers to contractually agreed earn-outs.26.1 Guarantee given on behalf of the associate TAP 26.1.1 Guarantee given on behalf of the associate TAP At present, and until repayment of the loan, a mechanism is foreseen to support the repayment of the TAP outstanding financial debt (the so-called \"Debt Payment Undertaking\") which would be activated, unlike the guarantee on first demand, released upon reaching the \"Financial Completion Date\" on 31 March 2021, upon the occurrence of specific and determined conditions linked to exceptional events of an extraordinary nature. The maximum pro-rata Snam amount of the guarantee is 1,129 million euros.The financial documentation signed under the scope of the Project Financing concluded for TAP foresees, moreover, some limitations for the shareholders typical for operations of this type, including: (i) a restriction on the possibility of TAP shares being freely available according to certain time frames; (ii) the pledging of the shares owned by Snam in TOP in favour of the lenders for the entire duration of the loan. 26.1.2 Guarantee given on behalf of the company under joint control TAG The contractual agreements (Shareholders' Agreements) stipulated between Snam and GCA provide, inter alia, that in the case of new investment projects, if TAG is not capable of self-financing, the other companies must finance it according to the equity investment held by each shareholder. In addition, following the worsening of the economic scenario dominated by tensions and uncertainties generated by the recent Russia-Ukraine conflict, the shareholders Snam and GCA have guaranteed TAG on the coverage of any liquidity shortfalls should the company not be able to use the credit lines already at its disposal and/or in the process of being finalised, for a period equal to 12 months from the date of issuance of the audit report on the 2021 financial statements of TAG (i.e. starting from 30 June 2022) and for a maximum amount equal to 100 million euros in proportion to their respective stakes in the company's share capital (for Snam, a potential maximum outlay of approximately 89 million euros).26.2 Guarantees given on behalf of subsidiariesGuarantees given in the interest of subsidiaries (632 million euros; 221 million euros as at 31 December 2021) mainly relate to:(i) guarantee provided in the interest of Snam FSRU Italia S.r.l. in connection with the acquisition of FSRU BW Singapore;(ii) guarantees provided in favour of the Italian Revenue Agency mainly on behalf of the subsidiaries Stogit, GNL, Snam4Mobility, Cubogas and Enura (147 million euros); (iii) indemnities issued in favour of third parties as a guarantee of proper performance of the work (79 million euros); (iv) surety guarantees issued by Iniziative Biometano S.p.A. on behalf of companies controlled by the latter (17 million euros). 26.2.1 Guarantee given in the interest of Snam FSRU Italia S.r.l. in connection with the acquisition of FSRU BW SingaporeWith the signing, on 6 July 2022, of the Share Sale and Purchase Agreement (SPA) for the acquisition of 100% of the share capital of FSRU I Limited (NewCo which at the closing, scheduled for the end of 2023, will hold the FSRU \"BW Singapore\"), Snam S.p.A. has issued a Parent Company Guarantee in favor of the seller BW Gas Cyprus Limited in the interest of Snam FSRU Italia S.r.l.The guarantee concerns all payments due on the closing date by Snam FSRU Italia S.r.l. to the seller under the SPA, corresponding to:\u2022 USD 355 million, equal to a total of 333 million euros (at the spot exchange rate at December 31, 2022), equal to the residual amount of the acquisition price to be paid to the seller;\u2022 the value of the fuel and LNG on board the FSRU on the closing date which will be determined and ascertained in accordance with the procedures set out in the SPA.26.3 Group commitments for the purchase of goods and services The commitments for the purchase of goods and services (2,058 million euros; 988 million as at 31 December 2021) mainly regard the commitments made with suppliers for the purchase of tangible fixed assets and the supply of services relative to the investments being made.26.4 Commitments to subscribe units in investment funds Commitments to subscribe units in investment funds (41 million euros) relate to: (i) Snam S.p.A.'s residual commitment to the Clean H2 Infra Fund (HY24) (33 million euros), as part of the investment programme that the fund proposes to carry out over a total of six years; (ii) Snam S.p.A.'s residual commitment to the CDP Corporate Partners I - Energy Tech Fund (8 million euros), as part of the investment programme that the fund proposes to carry out over a total of five years. These funds may be called, even partially and in several tranches, upon identification by the Fund of potential eligible investments pursuant to the fund rules.26.5 Other unevaluated commitments and risks Other unevaluated commitments and risks refer mainly to commitments undertaken at the time of the closing of equity purchase transactions, which will continue to apply after the date of execution of those transactions.As of 31 December 2022, commitments related to the following agreements remain in place:\u2022 the contract through which Eni acquired Stogit, for commitments related to the occurrence of future events, such as (i) the possible different valuation of the gas owned by Stogit, compared to the valuation recognised by ARERA ( Autorit\u00e0 di Regolazione per Energia Reti e Ambiente- Energy, Networks and Environment Regulatory Authority) which may emerge in certain contractually defined circumstances; (ii) the possible transfer of the storage capacity which should be freely available on a negotiable basis rather than a regulated basis, or the transfer of concessions held by Stogit at the time of the share transfer that may become dedicated to mainly storage activities which are no longer regulated;\u2022 contract to purchase an equity interest in dCarbonX Ltd, for commitments related to the occurrence of future events, including obtaining certain licences and authorisations from dCarbonX Ltd.27 FINANCIAL RISK MANAGEMENT 27.1 IntroductionThe main corporate financial risks identified, monitored and, where specified below, managed by Snam are as follows: \u2022 the risk arising from exposure to fluctuations in interest rates;\u2022 the credit risk arising from the possibility of default by a counterparty; \u2022 the liquidity risk arising from the lack of financial resources to meet short-term commitments.With regard to the exposure to exchange rate risk, due to the situations currently in place, Snam group\u2019s exposure is currently limited with regard to transaction risk, while there is still exposure to translation risk with regard to certain foreign investees that prepare their financial statements in currencies other than the euro. At present, it has been decided not to adopt specific hedging policies for these exposures. For instance, it should be noted that the effects of exchange rate differences deriving from the difference in translation into currency presentation (euro) of the functional currencies of these companies are recognised in the Comprehensive Income Statement. Snam policies and principles for the management and control of financial risks are described below, in accordance with the approach set out in IFRS 7 - Financial Instruments: Disclosures.27.2 Risk of changes in interest rates The risk of changes in interest rates is associated with fluctuations in interest rates affecting the market value of the Company\u2019s financial assets and liabilities and its net financial expense. Snam\u2019s objective is to optimize the interest rate risk while pursuing its financial objectives. Snam Group has adopted a centralised organisational model. In accordance with this model, Snam\u2019s various departments access the financial markets and use funds to cover financial requirements, in compliance with approved objectives, ensuring that the risk profile stays within defined limits. At 31 December 2022, the Snam Group used external financial resources in the form of bond loans and bilateral and syndicated loans with banks and other financial institutions, in the form of medium- to long-term loans and bank credit lines at interest rates indexed to the reference market rates, in particular the Europe Interbank Offered Rate (Euribor), and at fixed rates. The exposure to the risk of changes in interest rates at 31 December 2022, taking into account the hedging transactions put in place, was approximately 20% of the total exposure of the Group (28% at 31 December 2021). At 31 December 2022, Snam had interest rate swap (IRS) derivative contracts in place for a notional total of 106 million euros, relating to hedges on a 106 million euros floating-rate bond maturing in 2024. Though the Snam Group has an active risk management policy, the rise in interest rates relating to floating-rate debt not hedged against interest rate risk could have negative effects on Snam Group\u2019s operations, equity situation and financial position. Even considering the limited exposure to changes in interest rates, limited to 20% of the Group\u2019s total exposure and fully attributable to the Euribor rate, a possible change in the method of calculating the latter and the related fall-back clauses that may be formulated could result in the Snam Group having to adjust the financial contracts that may be affected by the aforementioned change and/or the management of prospective cash flows.The effects on shareholders\u2019 equity and net profit at 31 December 2022 are shown below, assuming a hypothetical change in the interest rate basis points of +/-10% actually applied during the course of the year:31.12.2022Other components Income statement in the comprehensive (million euros)resultincome statementInterest Interest Interest Interest +10 bps-10 bps+10 bps-10 bpsInterest rate change effect (3) 3 Impacts gross of tax effect (3) 3Tax effect 1 (1)IMPACTS NET OF TAX EFFECT (2) 2(*) The change in the interest rate impacts on the change of fair value of derivative hedging instruments recognised amongst other components in the comprehensive income statement and, therefore, does not impact on the income statement result.27.3 Credit risk Credit risk is the Company\u2019s exposure to potential losses arising from counterparties failing to fulfil their obligations. Default on or delayed payment of fees may have a negative impact on Snam's economic results and financial balance. For the risk of non-compliance by the counterparty concerning contracts of a commercial nature, the credit management for credit recovery and any disputes are handled by the business units and the centralised Snam departments. For trade receivables, provisions for bad debts reflect the value of expected losses over the life of the receivable and are made on the basis of the expected credit loss model or specifically on credit positions that present special risk elements. For further details, please refer to Note 5 \"Significant Accounting Policies - Financial assets measured at amortized cost\".Snam, as far as regulated activities are concerned, which currently represent almost all activities, provides its business services to 230 operators in the gas sector, with 10 operators representing approximately 67% of the entire market (Eni, Edison and Enel Global Trading hold the top three spots). The rules for Costumer access to the services offered are established by the Authorities and set out in the Network Codes.For each type of service, these documents explain the rules regulating the rights and obligations of the parties involved in selling and providing said services and contain contractual conditions, which significantly reduce the risk of customer default. The Codes contain guarantees to be provided to cover the obligations undertaken. In certain cases, if the customer has a credit rating issued by leading international organisation, the issuing of these guarantees can be mitigated. The regulations also contain specific clauses which guarantee the neutrality of the entity in charge of balancing, an activity carried out from 1 December 2011 by Snam Rete Gas as the major transportation company. In particular, the current balancing rules require that Snam, on the basis of financial merit criteria, mainly, operates in buying and selling on the GME balancing platform to guarantee the necessary resources for the safe and efficient movement of gas from the injection points to the withdrawal points in order to guarantee the constant equilibrium of the network. As regards non-regulated activities, which will become increasingly important over the Plan time horizon, the Company, through its centralised functions, performs a prior analysis of the financial soundness of counterparties in order to minimise this risk.Snam\u2019s maximum exposure to credit risk as at 31 December 2022 is represented by the book value of the financial assets recorded in the financial statements, detailed in Note 15 \u201cTrade and other receivables\u201d.The following table shows a breakdown of trade and other receivables by maturity, indicating the gross value and the value net of the provision for impairment losses:31.12.2021 31.12.2022(million euros)Trade Other Trade Other (*)(*)receivables receivables TotalTotalreceivables receivables Non-overdue receivables 2,412 602 3,014 3,686 380 4,066Overdue receivables: 317 317 558 558 - from 0 to 3 months 116 116 345 345 - from 3 to 6 months 54 54 60 60 - from 6 to 12 months 8 8 23 23 - beyond 12 months 139 139 130 130Total trade receivables and other 2,729 602 3,331 4,244 380 4,624receivables(*) The values are shown net of provision for bad debt of an amount equal to 100 million euros (85 million at 31 December 2021).The net book value of trade receivables past due at 31 December 2022 and not written down, amounting to 558 million euros, mainly refers to trade receivables of companies operating in regulated businesses; in particular they refer to: (i) the transportation segment (442 million euros), mainly for receivables from users related to balancing and settlement service items. These receivables fall within the neutrality mechanisms envisaged by the current regulatory framework; (ii) to the storage segment (77 million euros), in particular VAT invoiced to users for the use of strategic gas unduly withdrawn and not replenished by them within the terms established by the Storage Code during 2010 and 2011. As provided for under the applicable legislation, notices of VAT changes may be issued at the end of bankruptcy proceedings and unsuccessful enforcement proceedings.The following is a description of the credit recovery activities carried out against certain users of the transportation and balancing system and the storage system.27.3.1 Recovering receivables from certain users of the transportation and balancing system The balancing service ensures that the network is safe and that costs are correctly allocated between the market operators. Balancing has both a physical and a commercial purpose. The physical balancing of the system consists of the set of operations through which the Dispatching department of Snam Rete Gas controls flow parameters (capacity and pressure) in real time in order to ensure that gas can move safely and efficiently from injection points to withdrawal points at all times. Commercial balancing consists of the activities required to correctly schedule, account for and allocate the transported gas, as well as the fee system that encourages users to maintain a balance between the volumes they inject into and withdraw from the network. Pursuant to the balancing regime, which was introduced by Resolution ARG/gas 45/11 and came into effect on 1 December 2011, in its role as Balancing Supervisor, Snam Rete Gas must ensure that it procures the quantities of gas required to balance the system and offered on the market by users through a dedicated platform of the Gestore dei Mercati Energetici (GME), and, accordingly, it must financially settle the imbalances of individual users by buying and selling gas on the basis of a benchmark unit price (the \u201cprinciple of economic merit\u201d). The Company must also ensure that it recovers sums owed for the settlement of imbalances from any defaulting users. Unpaid receivables relating to the period from 1 December 2011 to 23 October 2012The initial regulation laid down by the Authority with Resolution ARG/gas 155/11 stated that Users had to provide specific guarantees to cover their exposure and, where Snam Rete Gas had performed its duties diligently and had not been able to recover the costs related to provision of the service, these costs would have been recovered through a special fee determined by the Authority.36With a subsequent resolution 351/2012/R/ gas, the Authority provided for the application of the CVBL variable unit fee to cover uncollected receivables, arranging for the charges to be recovered to be spread over a minimum of 36 months with a maximum monthly amount of 6 million euros.The Authority subsequently launched a fact-finding investigation into the way in which the balancing service was provided for 37the period between 1 December 2011 and 23 October 2012. The investigation was closed by Resolution 144/2013/E/gas of 5 April 2013. On the same date, the Authority: (i) opened proceedings to determine the share of costs arising from uncollected receivables owing to the gas balancing supervisor for the period 1 December 2011 - 23 October 2012; and (ii) opened six proceedings aimed at establishing whether there have been violations regarding the natural gas balancing service. With regard to the preliminary investigation discussed in point (i) above, the proceedings were closed by means of Resolution 608/2015/R/gas, with which the Authority decided not to pay a share of the uncollected receivables in relation to specific cases analysed in the preliminary investigation, in any case subject to Snam Rete Gas\u2019s right to withhold the receivables relating to the income statement entries on balancing, possibly already recuperated. The Company appealed Resolution 608/2015/R/gas, before the Regional Administrative Court of Milan, which partially admitted the appeal submitted by the Company with ruling 942/2017; this was in turn partially appealed by the Company and the Authority. The judgement was then confirmed by Council of State judgement no. 1630/2020.During the above-mentioned investigation period, Snam Rete Gas, having terminated the transportation contracts of the six users involved in the aforementioned proceedings since they either defaulted on payments or failed to comply with the balancing obligations set forth in the industry regulations and the Network Code, initiated steps to recover the receivables relating to balancing and transport items.The competent legal authorities have issued eleven provisionally enforceable injunction orders, six of which relate to receivables 38related to the balancing service and five to receivables for the transportation service, for which Snam Rete Gas has initiated enforcement procedures that have led to the recovery of negligible amounts with respect to the overall debt position of the Users, also in consideration of the bankruptcy procedures initiated in the meantime by all the users in question.36 The aforementioned resolution was annulled pursuant to the ruling 1587/2014 of the Regional Administrative Court of Milan insofar as the obligation of Users to pay the CVBL consideration of 0.001 \u20ac/Scm with effect from 1 October 2012. Moreover, with the subsequent Resolution 372/2014/R/gas the coefficient was redefined at the same amount of 0.001 \u20ac/Scm.37 The time period set for the preliminary investigation which was initially limited to 1 December 2011 - 31 May 2012, was subsequently extended to 23 October 2012.38 The users in question have appealed against some of these injunctions. Specifically, as well as requesting the suspension of the provisional enforceability and the revocation and/or declaration as null and void of the injunctions themselves, three users have submitted counterclaims requesting that Snam Rete Gas be ordered to compensate them for alleged damage suffered. The oppositions were declared null and void, with the resulting lapse of the demand and the passage into judgement of the injunction decrees.In particular, at present:\u2022 five Users were declared bankrupt. With regard to all five Users, Snam Rete Gas obtained measures for admission to the list of creditors for the receivable owed, plus interest. As part of these proceedings, a proposal for arrangement with creditors was submitted and approved by the majority of the creditors; the bankruptcy proceedings, following the final distribution, were closed. A second procedure was also closed after approval and execution of the final distribution; \u2022 a User applied for admission to the arrangement procedure and the Judicial Authority issued the approval 39of the arrangement. Unpaid receivables after 23 October 2012In 2013, two further transportation contracts were terminated and Snam Rete Gas initiated injunction proceedings.It obtained three payment orders, of which two for receivables relating to the balancing service and one for the transportation service. Both Users appealed, with the relative rulings rejecting the claims and consolidating the securities acquired by Snam Rete Gas. The executive procedures that were initiated resulted in a negligible recovery of amounts when compared to the overall amounts due from the Users which were then declared bankrupt. Snam Rete Gas regularly submitted its claims in the respective arrangements with creditors. The insolvency proceedings both ended with the recovery of minimal amounts with respect to the bankrupt company's overall debt.In 2014, a further transport contract was terminated and Snam Rete Gas initiated provisional executive procedures for recovery of the receivables, one relating to balancing services and the other to transportation services. The User was declared bankrupt and Snam Rete Gas was admitted to the current list of creditors for the entire debt due, plus interest. Finally, in 2015 a further transportation contract was terminated and Snam Rete Gas initiated debt recovery measures, securing two provisional executive injunctions against the User, one for the balancing service and the other for the transport service. The User was subsequently declared bankrupt and Snam Rete Gas has regularly submitted its claims for the arrangements with creditors. Given the insolvency of the bankrupt, the bankruptcy proceedings ended without recovery of any sums. Snam Rete Gas, as stated in the provisional executive injunctions issued by the Court, has engaged in proper conduct and complied with the provisions of the transportation contract, the Network Code and, more generally, the applicable legislation.39 In respect of the approval provision, a claim was brought before the Court of Appeal of Turin, and \u2013 in respect to the confirmation procedure adopted by the same Court \u2013 the appeal was brought before the Court of Cassation, which subsequently rejected the appeal.Lastly, we note that on 12 February 2016 the Public Prosecutor at the Court of Milan ordered the urgent preventive seizure of the moveable and fixed assets belonging to companies and attributable in various guises to the above-mentioned five Users. In May 2017, the investigation was concluded and the investigated parties were charged with the being involved in a criminal association and committing aggravated fraud against Snam Rete Gas. At the preliminary hearing set for 19 December 2018, the Judge accepted Snam Rete Gas joining the proceedings as a civil party. The Court granted the pre-trial requests and declared the trial open. Following the conclusion of the preliminary hearing, the Court on 15 February 2023 recognized the criminal liability of the defendants, condemning them, inter alia, to pay compensation for damages in favor of Snam Rete Gas. We are awaiting the filing of the reasons for the sentence, which is set within 90 days. These criminal proceedings resulted in the formal complaint report (and subsequent supplementary reports) filed by Snam Rete Gas, as offended party, in October 2012 for the crimes of falsehood and aggravated fraud. 27.3.2 Recovering receivables from users of the storage system Withdrawals made from strategic storage by three users, invoiced by Stogit and not replenished by the user under the terms specified by the Storage CodeFollowing withdrawals from strategic storage made by a User in November and December 2010, Stogit asked for and obtained an injunction with regard to the sums due that the user failed to pay.The provisional enforceability was confirmed during the opposition launched by the opposing party. The appropriate executive actions were launched as a result.Following the withdrawals and the failure to replenish the strategic gas in the initial months of 2011 as well, Stogit requested and obtained a second provisional executive injunction for the further sums accrued.Urgent proceedings were also launched for the replenishment of all the gas unlawfully withdrawn, concluding with the conviction of the debtor, with the subsequent application for injunctive relief also being rejected. In 2012 the above user together with another two users (who also defaulted with regard to Stogit) were added to the proceedings for an arrangement with creditors, in which Stogit formally transmitted and documented the amounts of its receivables with these users.Moreover, following the sub-proceedings to dismiss the arrangement, the Court of Asti declared two of the above-mentioned users bankrupt. In both cases, Stogit promptly filed a proof of claim and its receivables were admitted in full.However, the procedure for an arrangement with creditors is continuing with regard to the third user, which was appealed by one of the creditors. The Court of Appeal of Turin issued a ruling, confirming the approval of the arrangement with creditors. Withdrawals made from strategic storage by a user, invoiced by Stogit and not replenished by the User under the terms specified by the StorageCode, ascribable to the 2010-2011 and 2011-2012thermal yearsStogit filed with the Civil Court of Milan for a payment injunction provisionally enforceable against one User pursuant to Article 186- ter.At present, following the partial restitution of gas in the wake of legal action brought, Stogit is still owed approximately 23.6 million euros SCM. Stogit has therefore taken the appropriate actions.The Court of Rome then declared the User bankrupt and Stogit submitted its claim, which was accepted. Withdrawals made from strategic storage by a User, invoiced by Stogit and not replenished by the User under the terms specified by the Storage Code, relating to October and November 2011Stogit filed with the Civil Court of Milan for a provisionally enforceable payment injunction, brought because of improper withdrawals, in respect of which Stogit still was owed approximately 56.0 million euros SCM.While the proceedings were ongoing, the Court of Rome declared the User bankrupt. Consequently, the Civil Court of Milan declared the case interrupted and Stogit submitted its claim, which was accepted, during which the final distribution of assets was made and, consequently, in 2020, the proceedings were closed, during which no amounts were paid to the Company.27.4 Liquidity risk Liquidity risk is the risk that new financial resources may not be available (funding liquidity risk) or that the Company may be unable to convert assets into cash on the market (asset liquidity risk), meaning that it cannot meet its payment commitments.This may affect profit or loss should the Company be obliged to incur extra costs to meet its commitments or, in extreme cases, lead to insolvency and threaten the Company\u2019s future as a going concern.Under the financial plan, Snam\u2019s risk management system aims to establish a financial structure that, in line with the business objectives, ensures sufficient liquidity for the Group, minimising the relative opportunity cost and maintaining a balance in terms of the duration and composition of the debt.The financial market is characterised by a continuous growth of sources of financing for companies able to improve the environmental impact of their investments. The interest of the investors is linked and subordinated to the ability of the companies themselves to achieve certain objectives in terms of environmental sustainability. With a view to the correct management of liquidity risk, the diversification of funding sources also through the use of sustainable finance instruments is therefore crucial to guarantee companies wide access to financial markets at competitive costs, with consequent positive effects on the economic situation, equity and financial position of the companies themselves. Similarly, for Snam, the failure to achieve certain KPIs in the ESG area, within the general objective of the Group to make its business more sustainable in the medium-long term, could lead to higher financing costs or to the lack of access to some sources of funding.Mitigation of this risk is based on Snam's extreme attention to ESG issues, traditionally a significant and structured part of the company's strategy. Consistent with this approach, during 2018 Snam finalised the transformation of its 3.2 billion euros syndicated credit lines into sustainable loans, constituting at the time the third largest sustainable loan signed in the world and the first by a gas utility. This loan provides for bonus/ malus mechanisms based on the achievement of certain KPIs in the ESG (Environment, Social, Governance) area. In addition, Snam issued (i) in February 2019, its first 500 million euros Climate Action Bond, (ii) between 2020 and 2021 Transition Bonds for 2,350 million euros (iii) in January 2022, the inaugural dual-tranches Sustainability-linked Bond (SLB) for 1.5 billion euros, whose economic performance is linked to the achievement of certain sustainability targets, and (iv) in November 2022 the inaugural EU Taxonomy-Aligned Transition Bond for 300 million euros. These are aimed at financing investments in environmental sustainability and energy transition, while for SLB instruments the return is linked to the achievement of methane and CO emission reduction targets. It should 2be noted that the January 2022 issue was associated with a Liability Management exercise that led to the repurchase of 350 million euros of bonds to proactively manage future debt maturities and accelerate the transition from plain vanilla bonds to sustainable finance instruments. In 2022, Snam finalised with major relationship banks (i) Revolving Credit Facilities (RCF) for a total of 1.2 billion euros, of which 1.1 billion euros in KPI-linked format (ii) bank loans for 375 million euros, of which 275 million euros in Green loan and KPI-linked format and (iii) a bank loan agreement for 1.5 billion euros with a maximum term of 24 months. During 2020, Snam also renewed its Euro Commercial Paper programme, increased from 2 to 2.5 billion euros, linking it to environmental and social sustainability objectives in line with the sustainable loan and obtaining an ESG rating for the instrument equal to EE assigned by the ESG rating company Standard Ethics, confirmed in 2021 and increased to EE+ in 2022. Finally, in June 2021, Snam signed a loan agreement with the European Investment Bank (EIB) for a total of 150 million euros to support the group's energy efficiency projects in the residential and industrial sectors. Specifically, the agreement concerns initiatives totalling 200 million euros planned by the subsidiary TEP Energy Solutions, which consist mainly in the energy upgrading of residential buildings and the implementation of energy efficiency and decarbonisation measures for industrial activities, including the installation of photovoltaic panels. The loan is characterised by a framework loan structure, which can be used in several tranches within a period of three years; each tranche will have a maximum total duration of 15 years. As at 31 December 2022, this line was utilised for approximately 110 million euros. As shown in section 27.2 \u201cRisk of changes in interest rates\u201d, the Company had access to a wide range of funding sources through the credit system and the capital markets (bilateral contracts, pool financing with major domestic and international banks, loan contracts with the European Investment Bank (EIB), bond loans and Commercial Papers).Snam\u2019s objective is to maintain a debt structure that is balanced in composition between bond loans and bank credit, and the availability of usable committed bank credit lines, in line with its business profile and the regulatory environment in which Snam operates.At 31 December 2022, Snam had unused committed long-term credit lines for an amount of around 5.9 billion euros, of which (i) syndicated credit lines of 4.65 billion euros (ii) Revolving Credit Facilities (RCF) for a total of 1.2 billion euros (iii) approximately 40 million euros relating to the framework loan signed with the EIB in June 2021. At 31 December 2022, Snam has a Euro Medium Term Notes (EMTN) programme in place for a maximum total nominal value of 13 billion, used for approximately 9.5 billion euros and a Euro Commercial Paper Programme (ECP) for a maximum total nominal value of 2.5 billion euros, used at 31 December for 1,130 million euros.Snam\u2019s cash and cash equivalents mainly refer to current accounts and bank deposits readily collectable.The Group\u2019s main long-term financial payables include covenants that are typical of international practice, such as negative pledge and pari passu clauses. Failure to meet these clauses, and the occurrence of other events, for example cross-default events, may result in Snam\u2019s failure to comply and could trigger the early repayment of the relative loan, resulting in additional costs and/or liquidity issues. There are no covenants among commitments that involve compliance with ratios of an economic and/or financial nature. Among the factors that define the risk perceived by the market, creditworthiness, assigned to Snam by rating agencies, plays a decisive role because it influences their ability to access sources of financing and the related economic conditions. A worsening of this creditworthiness could therefore constitute a limitation on access to the capital market and/or an increase in the cost of sources of financing, with consequent negative effects on the Group\u2019s economic situation, equity and financial position.Snam\u2019s long term rating is: (i) Baa2 with negative outlook, confirmed on 06 September 2022 by Moody's Investor Services; (ii) BBB+ with stable outlook, confirmed on 06 February 2023 by Standard & Poor's Global Rating (\u201cS&P\u201d); (iii) BBB+ with stable outlook, confirmed on 16 February 2023 by Fitch Ratings (\u201cFitch\u201d). Snam\u2019s long-term rating by Moody\u2019s, Fitch and Standard & Poor\u2019s is a notch higher than that of Italian sovereign debt. Based on the methodology adopted by Moody's and S&P, the downgrade of one notch from the current rating of the Republic of Italy would lead to a corresponding reduction of Snam\u2019s current rating. In this regard, it should be noted that on 30 September 2022, Moody's confirmed the rating of the Italian Republic, maintaining the negative outlook, which had already been lowered on 5 August 2022; this action had caused Snam's Outlook to be revised to negative on 9 August 2022. On 26 July 2022, S&P revised the Italian Republic's Outlook from positive to stable, with corresponding action on Snam's Outlook on 29 July 2022. The next reviews of the Rating Agencies for the Italian Republic are scheduled for 21 April 2023 for S&P, 12 May 2023 for Fitch, 19 May 2023 for Moody's.The company\u2019s short-term rating, used as part of Snam\u2019s Commercial Paper programme, is P-2 for Moody\u2019s, A-2 for S&P and F2 for Fitch.Although the Snam Group has relations with diverse counterparties with a high credit standing, based on the management policy and ongoing monitoring of their credit risk, the default of a counterparty or the difficulty to liquidate assets on the market could have negative effects on Snam Group\u2019s operations, equity situation and financial position.The table below shows the repayment plan contractually established in relation to the financial payables, including interest payments and other liabilities connected to derivative instruments:Contractual cash \ue7aeowsBook value as (million euros)Total \ue7aeows 2022 2023 2024 2025 2026 Beyondat 31.12.2021Bank loans 3,695 3,695 1,297 457 719 121 120 981Bond loans (*) 9,138 9,139 1,130 879 1,191 1,339 1,250 3,350Euro Commercial Paper - ECP 2,503 2,500 2,500Financial interests 356 356 93 65 56 39 29 74Financial payables for leased assets 20 20 6 4 3 3 2 2Other lenders 2 2 2Trade payables and other payables 2,889 2,531 2,521 10TOTAL CONTRACTURAL FLOWS 18,603 18,243 7,549 1,415 1,969 1,502 1,401 4,407OF FINANCIAL LIABILITIES(*) Future payments include the cash flow generated by hedging derivative contracts.Contractual cash \ue7aeowsBook value as(million euros)Total \ue7aeows 2023 2024 2025 2026 2027 Beyondat 31.12.2022Bank loans 2,860 2,851 618 721 237 152 227 896Bond loans (*) 9,457 9,459 718 1,171 1,267 1,550 553 4,200Euro Commercial Paper - ECP 1,128 1,130 1,130Financial interests 803 803 147 132 111 96 70 247Financial payables for leased assets 33 33 7 6 5 5 2 8Other lenders 202 202 2 200Trade payables and other payables 8,129 8,129 8,129TOTAL CONTRACTURAL FLOWS 22,612 22,607 10,751 2,030 1,620 1,803 1,052 5,351OF FINANCIAL LIABILITIES(*) Future payments include the cash flow generated by hedging derivative contracts.With reference to the payment terms for trade and other payables, please see Note 23 \u201cTrade payables and other payables\u201d.27.5 Fair value of financial instrumentsIt should be noted that, with the exception of the valuation of derivative agreements and minority investments, financial assets and liabilities, depending on the characteristics of the instrument and the business management adopted for their management, entirely come under the financial instruments valued through the amortised cost method. The following table shows the book value and fair value for each financial asset and liability, including the relative level of the fair value hierarchy. Information on the fair value of financial assets and liabilities not valued at fair value is excluded, when their book value represents a reasonable approximation of the fair value, such as for example cash and cash equivalents, trade receivables and other receivables as well as trade payables and other payables. The book value of financial instruments and their relative effects on results and on equity can be analysed as follows:Book value Fair Value Book value Fair Value(million euros)Balance at Balance at Level 1 Level 2 Level 3Level 1 Level 2 Level 331.12.202131.12.2022Cash and cash equivalents 1,337 1,757Trade receivables and other receivables 3,331 4,624Long- and short-term financial receivables (a) 307 324 119 114Total financial assets measured at amortised cost 4,975 324 6,500 114Minority investment accounted at FVTOCI (b) 94 59 35 52 13 39Total financial assets measured at fair value 94 59 35 52 13 39 Trade payables and other payables (2,889) (8,129) Current and non-current financial liabilities (15,358) (9,394) (6,233) (13,680) (8,089) (4,241)Total financial liabilities measured at amortised cost (18,247) (9,394) (6,233) (21,809) (8,089) (4,241)Assets (liabilies) for Derivative hedging (3) (3) 4 4instruments (c)(a) The item is classified as \"other current financial assets\" and \"other non-current financial assets\". See Note 11 \u201cOther current and non-current financial assets\u201d for further details.(b) This item includes the minority investment accounted at FVTOCI. See Note 11 \u201cOther current and non-current financial assets\u201d for further details.(c) The item is classified as other assets/liabilities. See Note 13 \u201cOther current and non-current financial assets\u201d and Note 22 \u201cOther current and non-current liabilities\u201d for further details.Below is the classification of financial assets and liabilities measured at fair value in the statement of financial position in accordance with the fair value hierarchy defined on the basis of the significance of the inputs used in the measurement process. More specifically, in accordance with the characteristics of the inputs used for measurement, the fair value hierarchy comprises the following levels:a) level 1: prices listed (and not amended) on active markets for the same financial assets or liabilities;b) level 2: measurements made on the basis of inputs differing from the listed prices referred to in the previous point, which, for the assets/liabilities submitted for measurement, are directly (prices) or indirectly (price derivatives) observable;c) level 3: inputs not based on observable market data.28 CRIMINAL AND TAX DISPUTES AND PROCEEDINGS WITH THE REGULATORY AUTHORITY ARERA Snam is involved in civil, administrative and criminal cases and legal actions related to its normal business activities. According to the information currently available and considering the existing risks, Snam believes that these proceedings and actions will not have material adverse effects.The following is a summary of the most significant proceedings; unless indicated otherwise, no allocation has been made for the litigation described below because the Company believes it improbable that these proceedings will have an unfavourable outcome or because the amount of the allocation cannot be reliably estimated.At 31 December 2022, risks concerning compensation and disputes related to litigation that is ongoing but where the risk of losing the case is not considered probable amounted to 42 million euros (43 million euros at 31 December 2021).28.1 Criminal litigationSnam Rete Gas S.p.A. - Event Pineto On 6 March 2015 in Mutignano landslide affected 10 metres of the San Benedetto Del Tronto-Chieti section of the Ravenna-Chieti pipeline, causing it to break with the consequent escape of gas, with a subsequent fire due an electricity pylon collapsing at the same time. With regard to this event, the Public Prosecutor at the Court of Teramo immediately opened an investigation into negligence associated with the forest fire. Upon completion, the Prosecutor requested the Snam Rete Gas technicians and technical managers be brought to court. The committal to trial was ordered by the preliminary hearing judge for 3 October 2018. At the first main hearing on 10 January 2019, the presiding member of the bench asked the defence and the Public Prosecutor to comment on moving the proceedings to a single judge proficient in this issue. The parties referred to the decision of the Court, which after a short period in council chambers, passed the proceedings onto a competent single judge. The first main hearing was held on 17 September 2020, at which all parties presented their requests for evidence. In the past hearings, the examination and cross-examination of the witnesses of the Public Prosecutor\u2019s Office took place, and for the continuation of the activities, the Judge adjourned the hearing to March 2023 for the conclusion of the hearing of the technical consultants of the Public Prosecutor\u2019s Office and for the start of the witness examination of the technical consultants of the defence.28.2 Proceedings with the Autorit\u00e0 di Regolazione per Energia Reti e Ambiente - ARERA Snam Rete Gas S.p.A. - Investigation into violations on the subject of natural gas metering with regard to Snam Rete Gas S.p.A and request for information Through Resolution VIS 97/11, notified on 15 November 2011, the ARERA started proceedings to look into whether there were any violations with regard to natural gas metering, relating to alleged irregularities in gas metering with reference to 45 systems owned by the distributor; through Resolution 431/2012/S/Gas the proceedings were brought together with other proceedings involving said events contested by the company launched with regard to the distributor involved. Snam Rete Gas S.p.A. has submitted proposals in relation to the alleged conduct. By means of Resolution 332/2015/S/gas, the ARERA declared the proposals to be inadmissible, on the grounds that they would not be adequate to restore the alignment of interests existing before the alleged violations or to eliminate any immediate and direct consequences of these violations. Upon completion of the investigation on 20 October 2017, the ARERA notified the results to Snam Rete Gas, which confirmed the charges made when the proceedings were initiated. The company has requested time for it to formulate its own defence and, to this end, a hearing was called before the board of the Authority on 1 March 2018 during which the defence brief was submitted. After the proceedings, the Authority, although accepting some of the Company's arguments deemed relevant from the perspective of the quantification of the fine, imposed an administrative monetary fine on Snam Rete Gas, through resolution 206/2018/S/gas of 5 April 2018, of 880 thousand. Though it paid the fine, the Company has appealed Resolution 206/2018/S/gas before the Regional Administrative Court of Milan. As a result of the hearing in June 2022, with ruling 2142/2022 published on 29 September 2022, the Regional Administrative Court upheld Snam Rete Gas's appeal insofar as it complained of the excessive duration of the punitive proceedings. ARERA promptly appealed the ruling before the Council of State.Snam Rete Gas S.p.A. - Resolution 9/2014/S/gas \u2013 \u201cLaunch of punitive proceedings against Snam Rete Gas S.p.A. for non-compliance with Resolution 292/2013/R/gas\u201d With Resolution 9/2014/S/gas the ARERA launched punitive proceedings against Snam Rete Gas S.p.A. for non-compliance with Resolution 292/2013/R/gas.The proceedings aim to ascertain whether or not delays exist in provisions relating to the enactment of amendments to the Network Code established by Resolution 292/2013/R/gas, with regard to settlement. Upon conclusion of the proceedings, with its resolution 853/2017/S/gas, the Authority sentenced Snam Rete Gas to pay a pecuniary fine of 95 thousand since, although it accepted a part of the Company\u2019s arguments which were significant insofar as determining the amount of the fine, it considered that the Company was late in complying with Resolution 292/2013/R/Gas. Though it paid the fine, the Company has appealed Resolution 853/2017/S/gas before the Regional Administrative Court of Milan. The Regional Administrative Court (TAR), with ruling No. 1914/2022, upheld Snam Rete Gas' appeal. The judgment was not appealed within the time limit and therefore became res judicata.Snam Rete Gas S.p.A. - Resolution 250/2015/R/gas, published on 01 June 2015, concerning: \u201cAdoption of measures on the odorising of gasfor domestic use and similar for end users connecteddirectly to the natural gas transportation networks\u201d Through Resolution 250/2015/R/gas, following the ruling of the Milan regional administrative court, the ARERA amended Article 5 of Resolution 602/2013/R/ gas dealing with the obligation of transportation companies to odorise gas for end users connected directly to the transportation network, which, taking into account the categories of use indicated in the Testo Integrato Settlement Gas (TISG), do not use the gas delivered for merely technological purposes. In this regard, the ARERA ordered that the transportation companies should completed the implementation of the adaptation plans by 31 January 2017, after carrying out a survey of the redelivery points involved and sending the ARERA the adaptation plan, to be updated every six months, with the description of the technical solution identified. Snam Rete Gas has appealed against the above resolution believing that the deadline for implementing the plan can only be decided after the survey. Having carried out the survey, when sending the plan and the subsequent updates Snam Rete Gas once again found that the deadline set by the ARERA with its Resolution 484/2016/E/gas was unreasonable. Consequently, in the appeal with which Snam Rete Gas challenged Resolution 250/2015/R/gas, it also included an appeal for further grounds against Resolution 484/2016/E/gas asking for the resolutions challenged to be suspended. The request was accepted by the Council of State. Following the hearing that was held on 16 January 2019, through ruling no. 869 of 17 April 2019, the Milan Regional Administrative Court accepted the appeal submitted by Snam Rete Gas declaring the unlawfulness of the deadline set by the Authority because it was clearly unreasonable as it does not take into account the complexity of the activities to be carried out by the transportation company and the need to collaborate with end users on whom the burden of guaranteeing the use of gas in safe conditions for the workers involved weighs.Note that through the Ministerial Decree of 18 May 2018 the Minister for Economic Development placed the responsibility of guaranteeing the use of gas in safe conditions on the end users directly connected to the natural gas transportation network, where there is domestic or similar use of gas, even only in part, if combined with technological uses. Following the functional activities to the implementation of the Decree, the end users demonstrated that they guaranteed the safe use of the gas in accordance with the methods laid down by said Decree.As part of the Consultation Document (DCO 203/2019/R/Gas) as preparation for the revision of the regulation on the transportation service quality, ARERA demonstrated it\u2019s intention to: (i) confirm the regulatory framework pursuant to the above Resolution 250/2015/R/ Gas without setting a deadline by which the Plan has to be implemented; and (ii) promote a regulatory amendment aimed at coordinating the regulation with the aforementioned Ministerial Decree. Following on from what the DCO anticipates, through Resolution 554/2019/R/gas, the Authority confirmed the previous regulatory regime (the obligation of the transportation company to take responsibility for the odorising) thereby putting forward the issue of coordination with the obligations imposed by the Decree. Therefore, pending a possible regulatory change, Snam Rete Gas challenged Resolution 554/2019/R/gas The hearing date remains to be set.28.3 Tax disputes Snam Rete Gas S.p.A. - IMU/TASI - Municipalities in Northern ItalySome municipalities of northern Italy sent Snam Rete Gas 17 assessment notices for IMU/TASI for the years 2016, 2017 and 2018, which follow on from requests for information for land registry purposes pursuant to Article 1, paragraph 693 of Law 147/2013. The company has made a provision for risks and charges. Stogit S.p.A. - IMUThe Municipality of Bordolano ascertained the IMU position in relation to the building areas owned by the Company in the territory of the same Municipality for the years 2012 to 2015. The amounts assessed by the Municipality with the notices of assessment relating to the tax years 2012, 2013 and 2014 - as redetermined by the Lombardy Regional Tax Commission - were paid by the Company during 2020, pending the related legal proceedings.The assessment notice issued by the Municipality in 2015 is still sub iudice in first instance.With reference to the subsequent years 2016 - 2017 - 2018, the Company has already adjusted its payments to the higher value assessed by the Municipality.Snam S.p.A. - Questionnaire Q00017/2020 on VAT On 13 February 2020, the Inland Revenue served Snam a VAT questionnaire requesting the reasons for the tax amnesty made in 2016 with reference to the years 2012, 2013, 2014 and 2015. In particular, in 2016, the Company submitted supplementary declarations for the years 2012 to 2014 to acknowledge that, starting in 2012, it was carrying out a new activity of granting loans and that, in relation to this activity, the Company intended to avail itself of the optional separation of activities for VAT purposes pursuant to art. 36, paragraph 3 of Italian Presidential Decree no. 633/1972. As regards 2015, the relevant annual declaration was submitted within the ordinary time limits and an amicable settlement was made to remedy certain irregularities (also related to the keeping of separate accounts) that had affected the correct monthly settlements. Following a preliminary investigation, on 21 December 2020, the Revenue Agency served an order to appear for the establishment of the cross-examination of the years 2012-2013-2014-2015, in order to better verify whether the Company actually behaved \" ex ante\" in this sense.The Company, in order to avoid a long and complex dispute, on 25 March 2021 and 30 November 2022, following the acceptance of the assessment, paid the agreed amounts.28.4 Other proceedingsSnam Rete Gas S.p.A. - Regulation criteria for natural gas transmission and dispatching tariffs for the period 2010-2013 By ruling No. 2888/2015, the Council of State rejected the appeal filed by ARERA asking it to overturn ruling No. 995/2013 by the Regional Administrative Court of Milan, which voided the provisions of resolutions ARG/gas/184/09, 192/09, 198/09 and 218/10 concerning natural gas transportation and dispatching rates for the 2010-2013 period, specifically with regard to the commodity/capacity allocation, the reform of the entry/exit model and gas for consumption by compression stations (self- consumption).By way of Resolution 428/2015/C/gas, ARERA resolved to appeal for revocation on the grounds of an error of fact against the aforementioned ruling, an appeal which was subsequently withdrawn on 29 March 2018 due to the lack of interest in continuing the proceedings. At the same time, the Authority complied with the aforementioned rulings by way of Resolution 550/2016/R/gas whereby, having reformed the rules on self-consumption, it justified its confirmation of the remaining tariff criteria also in light of the consultations carried out. Given the confirmatory nature of the aforementioned resolution, the original appellant contested for compliance with the aforementioned rulings and a declaration of the nullity of Resolution 550/2016/R/gas. By ruling no. 494/2017, the Milan Regional Administrative Court partially upheld the appeal with specific reference to the issue of the commodity/capacity allocation, finding that the contested Resolution complied inaccurately and partially with ruling No. 995/2013 and that, therefore, the Authority should carry out an additional assessment of the effects of the choices made. Ruling No. 494/2017 was challenged by the appellant, as well as incidentally by ARERA. In judgement no. 1840/2018 of 23 March 2018, the Council of State, in partial acceptance of the Authority\u2019s cross-appeal, dismissed the action of nullity for breach of judgement filed by the appellant at first instance and ordered the conversion of the proceedings into an ordinary judgement of annulment. The appellant consequently resumed the proceedings before the Milan Regional Administrative Court.It should also be noted that in its recent ruling no. 301/2021, the Milan Regional Administrative Court partially annulled, on partly similar grounds, ARERA Resolution no. 575/2017/R/gas relating to the 2018- 2019 transitional regulatory period. In particular, the caesuras at the 90:10 ratio between the capacity/commodity components were confirmed. In addition, the Regional Administrative Court held that the aforementioned resolution should be annulled in so far as it provides for the determination of unit transport costs on the basis of calculations of gas flows (so-called flows and counter-flows). The judgement was appealed by the Authority. The Regional Administrative Court, in ruling no. 219/2022, upheld a similar appeal in relation to the tariff regime for the 2014-2017 thermal years set forth in ARERA Resolution no. 514/2013/R/gas, in relation to which the terms for any appeal are pending. The ruling, which was appealed by ARERA, was confirmed by ruling No. 8523/2022 of the Council of State.Lastly, it should be noted that the judgements of the Milan Regional Administrative Court (TAR) no. 440/2020 and no. 33/2021 partially annulled the aforementioned Resolution no. 575/2017/R/gas, as well as Resolution no. 114/2019/R/gas (2020-2023 tariff criteria) insofar as they do not provide for a degressive tariff in favour of large gas consumers in implementation of specific primary legislation. Both judgements were appealed by the Authority; the discussion of the appeals before the Council of State was held in April 2022, which was followed by Judgements Nos. 6096/2022 and 6098/2022 rejecting the Authority's respective appeals. In compliance with the aforementioned rulings, ARERA adopted DCO 41/2023/R/gas containing the Authority's guidelines in relation to cost-efficiency measures in the transportation tariff system for subjects with higher natural gas consumption.In all the above cases, the disputed profiles do not affect the revenues recognised to the transport companies.Stogit S.p.A. - Appeals Coordination Environmental Committee (Ricorsi Coordinamento Comitato Ambientalisti) With the Presidential Decree of 16 September 2019, the binding opinion published by the Council of State on 27 June 2019, by which the appeals filed by the Appeals Coordination Environmental Committee plus others were accepted, was implemented. In that Presidential Decree it is stated that: (i) on account of the failure to file the documents relating to the environmental impact assessment in the municipalities of Azzanello and Verolavecchia, the VIA decree issued in 2009 for the construction of the new storage facility at Bordolano is annulled, without prejudice to the provisions contained therein, only in so far as it expresses a favourable opinion on environmental compatibility; (ii) the decree of the Ministry of Economic Development of 28 December 2011 (approval of the change in the work programme of the \"Bordolano Storage\" concession) is annulled, as well as (iii) the measures of the Ministry of the Environment (prot. no. 18804 of 8 August 2013 and prot. no.14583 of 16 May 2014), again on the subject of VIA, without prejudice to the continuing validity of the prescriptions contained therein, to protect public safety and security, which are in no way overturned by the annulment ruling. The Council of State also established the reopening of the VIA procedure and the Ministry of Environment promptly reopened the terms of the VIA (with note DVA U28389 of 29 October 2019) limited to the municipalities of Azzanello and Verolavecchia only; of these, only the municipality of Verolavecchia submitted comments, to which were added those of other parties. The proceedings are currently pending before the Technical Commission for Environmental Impact Assessment ( Commissione Tecnica per la Valutazione di Impatto Ambientale) and Stogit has provided all the technical clarifications in response to the comments submitted. It should be added that the MED y note U.0025890 of 22 November 2019, issued a measure pursuant to Article 29, paragraph 3 of Legislative Decree no. 152/2006, which allows the continuation of storage activities at the Bordolano plant pending the completion of the VIA. There are grounds to believe that there is a remote risk that the positive environmental impact assessment will not be confirmed; however, also in light of the time that has elapsed, the possibility that the VIA will be confirmed by the Ministry of the Environment with the addition of prescriptive conditions with which Stogit will have to comply can be assessed as probable.Action brought by the Forum Ambientalista and Action brought by WWF Italia - Associazione Salviamo l\u2019Orso marsicano OdV against the integrated environmental authorisation for the new Sulmona power stationOn 2 June 2021, the Environmental Forum - which claims to be an environmental protection association - lodged an appeal with the Regional Administrative Court of Lazio for the annulment of Decree no. 000086 of 11.03.2021 of the Ministry for Ecological Transition concerning the issue of the integrated environmental authorisation (AIA) for the operation of the gas compression station of the company Snam Rete Gas S.p.A. located in Sulmona (AQ) - (ID 7015/9997) as well as all the prior, consequential or in any case related deeds. The applicant claims that its reasons are based on: i) the seismic risk to which the works of Snam Rete Gas are allegedly subject; ii) failure to conduct a preliminary investigation into emissions and failure to take account of their effects on animals and plants in the area concerned; iii) failure to carry out a strategic environmental assessment (SEA) as a precondition for the issue of the AIA; iv) shortcomings in the preliminary investigation procedure leading to the issue of the AIA. No interlocutory application was filed; at the hearing at the end of January 2023, the case was retained for decision. In an appeal to the President of the Republic dated 6 August 2021, the Italian Association for the Word Wife Found of Nature (WWF Italia Onlus) and the association Salviamo l'orso Bruno Marsicano_ODV also applied for the annulment of Decree No 0000086 of 11.03.2021 of the Ministry of Ecological Transition, which constitutes the IEA for the new Sulmona power station. The reasons given are: i) the ineffectiveness of the EIA which allegedly failed in 2016; ii) the excess of power in having ignored the observations of the Municipality of Sulmona and of the Maiella National Park, the Abruzzo National Park and the Monte Genzana Alto Gizio Regional Nature Reserve (iii) failure to take adequate account of the seismic risk; (iv) failure to take account of the public\u2019s comments; (v) infringement of the law and misuse of powers on account of failure to carry out preliminary investigations into atmospheric emissions and the impact on the climate; (vi) infringement of Directive 42/2001 EC by failing to carry out a strategic environmental assessment. Following an objection by Snam Rete Gas, the appeal was resumed before the Lazio Regional Administrative Court by the appellants on 3 November 2021. A hearing on the merits has been set for the end of May 2023. 29 OPERATING REVENUES AND INCOME(million euros) 2021 2022Revenue 3,285 3,496Other operating income 12 19TOTAL OPERATING REVENUES AND INCOME 3,297 3,515The group\u2019s other operating revenues and income are mainly generated in Italy. An analysis of revenue by business segment can be found in Note 36 - \u201cInformation by business segment\u201d.Revenue from related parties is illustrated in Note 37 \u201cTransactions with related parties\u201d. (million euros) 2021 2022Natural gas transportation segment 2,329 2,208Natural gas storage segment 523 516Regasification of Liquefied Natural Gas (LNG) segment 19 42Energy Transition Sector 370 693Other segments 30 23Other revenues not allocated to segments 14 14TOTAL REVENUES 3,285 3,49629.1.1 Revenues of the Natural Gas Transportation segmentRevenues are mainly related to fees for the service of natural gas transportation and mainly concern Eni S.p.A. (1,087 million euros; 815 million euros in 2021) and Enel Trade S.p.A. (528 million euros; 313 million euros in 2021). Group revenues are reported net of tariff components, mainly referring to the transportation segment, additional to the tariff and intended to cover gas system general expenses (2,651 million euros, 1,159 million euros in 2021), the amounts of which are paid by Snam to the Energy and Environmental Services Fund (Cassa per i Servizi Energetici e Ambientali (CSEA)). The main components relate to:\u2022 to the CRVST fee (for a total amount of 1,006 million euros in 2022; 145 million euros in 2021), introduced by Resolution No. 782/2017/R/GAS, to cover the charges arising from the new 'gas settlement' rules, to be applied to the quantities of gas redelivered to the transport service user at the redelivery points feeding the distribution networks;OS\u2022 the CRV variable fee, introduced in 2011 by Resolution ARG/gas 29/11 of the Authority, to cover the charges arising from the application of the revenue guarantee factor for the storage service and the charges incurred by the Gestore Servizi Energetici (GSE) for the provision of the measures referred to in Articles 9 and 10 of Legislative Decree no. 130/10 (totalling 962 million euros in 2022; 376 million euros in 2021). Snam provided its transportation service to 330 users in 2022. 29.1.2 Revenues of the Natural Gas Storage segmentRevenues relate essentially to fees for modulation storage (385 million euros; 409 million euros in 2021) and strategic storage (80 million euros; 79 million euros in 2021). Snam provided its natural gas storage service to 66 companies in 2022.29.1.3 Regasification of Liquefied Natural Gas (LNG)Revenues mainly refer to fees for the regasification service (42 million euros). These revenues, as at 31 December 2022, were higher than the reference revenues, which were definitively approved by the Authority in Resolution 278/2022/R/gas and, therefore, it was not necessary to make additions through the guarantee factor.Revenues relating to the transportation, storage and regasification segments include fees to cover energy costs which amount to 198 million euros (311 million euros in 2021), down mainly due to the reduction in the WACC. On the basis of the provisions of the regulatory framework in force for the fifth regulatory period, from 1 January 2020, the energy costs relating to the costs for the purchase of fuel gas, previously subject to contribution in kind by the shippers, the charges for the purchase of CO emission rights and the consumption of electricity, are covered in revenues through the 2variable fee applied to users. 29.1.4 Energy Transition revenuesRevenues related to the Energy Transition segment concern: (i) revenues relating to energy efficiency projects (578 million euros); (ii) prices for the development and management of biogas and biomethane plants (115 million euros). 29.1.5 Other segmentsRevenues mainly relate to the sale of automotive compressors - CNG (19 million euros). 29.1.6 Other revenues not allocated to segmentsRevenues essentially relate to income from the rental and maintenance of fibre optic telecommunications cables.29.2 Other operating incomeOther operating income, equal to 19 million euros, mainly refers to the transportation sector (10 million euros).30 OPERATING COSTS AND EXPENSES(million euros) 2021 2022Costs for purchase of raw materials, consumables and finished goods 568 655Costs for services 179 246Staff costs 216 237Other operating costs and expenses 91 159TOTAL OPERATING COSTS AND EXPENSES 1,054 1,297The reasons for the most significant changes are explained in the Report on Operations under \"Financial review \".The group\u2019s operating costs and expenses are mainly generated in Italy.The operating costs and expenses incurred with related parties are described in Note 37 \u201cTransactions with related parties\u201d.30.1 Costs for purchase of raw materials, consumables and finished goods(million euros) 2021 2022Costs for purchase of raw materials, consumables and finished goods 634 3,909Changes in inventories of raw materials, consumables and finished goods (14) (3,198)Total costs incurred during the year 620 711Share of costs capitalised for internal work (52) (56)TOTAL COSTS FOR PURCHASE OF RAW MATERIALS, CONSUMABLES AND FINISHED GOODS 568 655The item Cost for purchase of raw materials, consumables and finished goods includes gas purchases made in implementation of Resolution No. 165/2022/R/Gas (about 0.6 billion cubic metres for a total countervalue of 706 million euros) and Resolution No. 274/2022/R/Gas (about 1.4 billion cubic metres for a total countervalue of 2,348 million euros).30.2 Costs for services(million euros) 2021 2022Technical, legal, administrative and professional services 96 81IT Services (Information Technology) 91 94Ordinary maintenance services 33 37Environmental services 25 22Construction, design and works supervision 23 81Supply of electricity, heat, water, etc. 23 57Personnel-related services 19 22Telecommunication services 15 11Material processing at third parties 11 3Insurance 10 11Advertising 6 7Use of the provision for decommissioning and site restoration (21) (8)Other services 20 27Total costs incurred during the year 351 445Share of costs capitalised for internal work (172) (199)TOTAL COSTS FOR SERVICES 179 24630.3 Staff costs(million euros) 2021 2022Wages and salaries 197 208Social security contributions (pensions and healthcare assistance) 52 57Employee benefits (3) 1Other expenses 32 36Total personnel costs incurred during the year 278 302Quota of capitalised costs (62) (65)TOTAL PERSONNEL COSTS 216 237The item other expenses (36 million euros) mainly includes charges for defined-contribution plans (14 million euros), essentially relating to accrued severance indemnities, to be paid to pension funds, or to INPS, and the indemnity termination granted to the outgoing Chief Executive Officer, following the termination of the relationship as Chief Executive Officer and General Manager of Snam S.p.A. (6 million euros). A description of employee benefits can be found in Note 21 \u201cLiabilities for employee benefits\u201d.30.3.1 Average number of employeesThe average number of payroll employees included in the scope of consolidation, broken down by status, is as follows:Professional status 2021 2022Senior Managers 146 145Middle Managers 585 639Office workers 1,842 1,925Manual workers 806 841AVERAGE NUMBER OF EMPLOYEES 3,379 3,550The average number of employees is calculated on the basis of the monthly number of employees for each category. The number of employees in service at 31 December 2022 was 3,610 (3,430 resources at 31 December 2021), an increase of 180 (+5.25%) over 31 December 2021. The increase was mainly due to resources from the year's acquisitions in the fields of biomethane and energy efficiency, and to new entrants from the labour market, which more than offset the outgoings of the period. 30.3.2 Incentive plans for executives with Snam shares On 11 April 2017, the Shareholders\u2019 Meeting approved the 2017-2019 long-term share-based incentive plan and, subsequently, on 18 June 2020, the same Shareholders\u2019 Meeting approved the 2020-2022 long-term share-based incentive plan, conferring to the Board of Directors, every necessary power for the implementation of the Plans. The Plans, intended for the Snam CEO and other beneficiaries, identified as those who hold positions with a greater impact on company results or with strategic importance for achieving Snam\u2019s multi-year targets, includes three cycles of the annual assignment of three-year targets (the so-called rolling plan) for the years 2017, 2018, 2019 and for the years 2020, 2021 and 2022. At the end of the three-year performance period, if the underlying conditions of the plan are met, the beneficiary shall have the right to receive Company shares free of charge. A maximum number of 3,500,000 shares will service the Plans for each three-year cycle of the Plan. The 2017-2019 Plan ended in 2022, at the expiry of the Vesting Period relating to the last allocation of 2019, while the 2020-2022 Plan will end in 2025, at the expiry of the Vesting Period relating to the last allocation of 2022.Under the 2017-2019 Plan, a total of 5,385,372 shares were granted, of which 1,368,397 shares valid for the 2017 allocation (allocated for 1,511,461 shares in July 2020, at the end of the vesting period), 2,324,413 shares valid for the 2018 allocation (allocated for 2,441,742 in July 2021, at the end of the vesting period) and 1,692,562 shares valid for the 2019 allocation. The unit fair value of the share, determined by the stock market price of the Snam share on the grant dates, is equal to 3.8548 and 3.5463 and 4.3522 euros per share for the 2017, 2018 and 2019 grants, respectively. Against the 2020-2022 Plan, valid for the years 2020 and 2021, a total of 2,523,850 shares were allocated, of which 1,277,996 shares valid for the 2020 allocation, 1,245,854 shares valid for the 2021 allocation and 1,032,626 shares valid for the year 2022. The unit fair value of the share, determined by the stock market price of the Snam share on the grant dates (so-called grant date), is equal to 4.441 and 4.559 euros per share for the year 2020, 5.104, 4.778 and 5.014 euros per share for 2021 and 4.900 and 4.146 per share for 2022.The cost for the Long-Term Share-Based Incentive Plan, measured as the staff costs component, amounts to 6 million euros (8 million euros in 2021) with an opposing entry in shareholder equity reserves. Taking into consideration the non-market conditions to which receiving the benefit is connected, the cost reflects the adjustment, throughout the vesting period, of the number of shares that will effectively be granted. For more information on the features of the Plan, see \u201cFinancial review and Other Information\u201d in the Directors\u2019 Report.30.3.3 Remuneration due to Key ManagersRemuneration paid to persons with the power and responsibility for planning, management and control of the 40Company, i.e. executive and non-executive directors, general managers and Key Managersa (so-called \"key management personnel\") in office during the year amounted (including contributions and accessory charges) to 13 million euros (9 million euros in 2021) and is composed as follows:(million euros) 2021 2022Wages and salaries 5 4Indemnities for termination of employment 7Share-based payments 4 2TOTAL REMUNERATION DUE TO KEY MANAGERS 9 1330.3.4 Remuneration of Directors and Statutory Auditors Directors\u2019 remuneration amounts to 10 million euros and 5.3 million euros in FY 2022 and 2021 respectively. Statutory auditors\u2019 fees amount to 0.2 million euros (0.2 million euros also in 2021). This remuneration includes emoluments and any other amounts relating to pay, pensions and healthcare due for the performance of duties as a director or statutory auditor in Snam S.p.A. and in other companies included in the scope of consolidation, giving rise to a cost for Snam, even if not subject to personal income taxes.40 This includes managers who have the power and the responsibility, both directly and indirectly, for the planning, direction and supervision of Snam activities. Snam\u2019s Key Managers, other than directors and statutory auditors, were identified with reference to the following positions: Chief Industrial Assets Officer, Chief Financial Officer and Executive Vice President Human Resources, Organization & PFM. 30.4 Other operating costs and expenses(million euros) 2021 2022CO emission rights 34 582Indirect taxes and duties 21 16Software licences, short-term leasing costs and leasing of moderate amount assets 16 26Capital losses from the disposal of property, plant and equipment and intangible assets 14 28Allocations (uses) to the provision for bad debt 3 9Net accrual to (utilisation of) provisions for risks and charges 2 11Other expenses 1 11TOTAL OTHER OPERATING COSTS AND EXPENSES 91 159For more details about the change in provisions for risks and charges, please see Notes 19 \u201cProvisions for risks and charges\u201d and 15 \u201cTrade receivables and other receivables\u201d. 30.4.1 Greenhouse gas emission allowance system - Emission Trading System1 January 2021 was the start of the fourth regulatory period (2021-2030) of the Emission Trading System (ETS), the greenhouse gas emission allowance system governed by Legislative Decree 47 of 09 June 2020, which abrogated Legislative Decree no. 30 of 13 March 2013 and transposed Directive 2018/410/EC.There are 23 Snam Group plants subject to Emission Trading regulations, of which 13 Snam Rete Gas compression power plants, 8 Stogit storage plants, the LNG Italia regasification terminal and from 2022 also 1 Renovit cogeneration plant (TEP). In 2022, the free allocation for the Snam Group was 154,657 allowances, an increase of 9.8 % compared to 2021, due to the new rules introduced by the aforementioned legislation for the fourth ETS period. In FY 2022, dioxide carbon emissions of Snam Group facilities covered by the ETS were overall greater than the emission allowances allocated. Compared to approximately 0.93 million tonnes of carbon dioxide emitted into the atmosphere, a deficit has therefore been recorded of approximately 0.77 million tonnes. The deficit was offset by the quotas purchased by the various companies, with an approximately cost of 57.4 million euros recognised in \u201cOther operating costs and expenses\u201d. There are no costs for Renovit (TEP), because the purchase of CO quotas is borne by the company to which the 2plant supplies energy net of the quotas in the hands of Renovit (TEP) for feeding electricity into the grid. These amounted to about 4,300 units, with a countervalue of about 0.3 million euros.The increase in purchased CO allowances is due to the increase in emissions resulting from the increase in gas 2consumption due to the increase in regasified, stored gas and to transport more natural gas from the South to the North of Italy.The increase in the number of CO allowances purchased and the increase in purchase prices led to higher costs than in the 2previous year.31 DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES ON PROPERTY, PLANT, EQUIPMENT AND INTANGIBLE ASSETS(million euros) 2021 2022Depreciation of property, plant and equipment 709 747Amortisation of intangible assets 100 120Total amortisation/depreciation 809 867Impairment losses on property, plant and equipment and intangible assets 11 23Total impairment losses 11 23TOTAL DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES 820 890For more details about amortisation, depreciation and impairment losses, please see Note 8 \u201cProperty, plant and equipment\u201d, and Note 9 \u201cIntangible assets and goodwill\u201d.An analysis of amortisation, depreciation and impairment losses by business segment can be found in Note 35 \u201cInformation by business segment\u201d.32 NET FINANCIAL EXPENSE(million euros) 2021 2022- Interest income and other financial income on short-term financial assets (15) (3)- Interest income on long-term financial receivables (14) (9)- Other financial income (3) (25)TOTAL FINANCIAL INCOME (32) (37)- Interest expense and other financial expenses on bond loans 127 148- Fees on loans and bank credit lines 12 10- Interest expense on credit facilities and loans due to banks and other lenders 7 17Charges related to gross financial debt 146 175- Accretion discount (*) 5 12- Other financial expense 3 15Total financial expenses incurred during the year 154 202- Share of capitalised financial expenses (20) (25)TOTAL FINANCIAL EXPENSES 134 177TOTAL NET FINANCIAL EXPENSES 102 140(*) The item reflects the increase in the provisions for risks and charges and the liabilities for employee benefits, which are shown at their present value in Note 19 \u201cProvisions for risks and charges\u201d and Note 21 \u201cLiabilities for employee benefits\u201d.Interest income on long-term financial receivables is mainly related to the pro-rata contribution from the OLT Shareholder Loan (9 million euros). Other financial income (25 million euros) mainly refers to interest on late payments invoiced to end customers and distribution users in relation to unpaid invoices for the default service provided by Snam Rete Gas (13 million euros) and to the effects of the restatement of future cash flows related to the partial repayment of the Shareholders Loan by OLT (8 million euros).Expense related to gross financial debt (175 million euros) include the following: (i) interest expense and other charges on bonds (Euro 148 million), related to interest on 20 bond issues; (ii) interest paid to banks on revolving credit lines and maturing loans for a total of 17 million euros; (iii) the portion attributable to the year of Up-Front Fee commissions on revolving credit facilities (5 million euros) and commissions on non-utilisation of credit facilities (5 million euros).Other expenses mainly refer to the provision for bad debt for default interest related to the default service of Snam Rete Gas (8 million euros) and exchange rate differences (3 million euros).Financial expenses related to the passage of time mainly relate to the provisions for decommissioning and site restoration of the storage and transportation segments.Financial expense capitalised related to the portion of financial expense capitalised pursuant to investment activities. 33 GAINS (LOSSES) ON EQUITY INVESTMENTS(million euros) 2021 2022Gains from investments accounted for using the equity method 296 296Losses from investments accounted for using the equity method (2) (152)Portion of gains or losses of investments accounted for using the equity method 294 144Other gains on investments 79Other losses on investments (361)Other gains (losses) from equity investments (282)TOTAL NET GAINS (LOSSES) ON EQUITY INVESTMENTS 294 (138)An analysis of the share of gain or loss of investments accounted for using the equity method is given in Note 10 \"Investments accounted for using the equity method\".Other income from equity investments mainly relates to the gain from the sale of shares in Industrie De Nora S.p.A. for the purpose of listing the company on the stock exchange, and other income related to capital increases of the same company not subscribed by Snam (73 million euros in total, net of ancillary charges), transactions after which Snam holds 25.79% of the company's share capital (35.63% prior to the IPO).Other losses on equity investments mainly relate to the write-down of the equity investment held by Snam S.p.A. (84.47%) in TAG (340 million euros).34 INCOME TAXES34.1 Income taxes in the income statement2021 2022(million euros)IRES IRAP Total IRES IRAP TotalCurrent taxes for the year 416 63 479 344 63 407Adjustments for current taxes relating to previous years (4) (4) 1 1Tax credits (1) (1) 8 8Total current taxes 411 63 474 353 63 416Total deferred taxes (360) 1 (359) (37) (1) (38)TOTAL INCOME TAXES 51 64 115 316 62 378Income taxes (378 million euros) increased by 263 million euros compared to 31 December 2021, mainly due to the effects of the tax realignment pursuant to Decree-Law 104 of 14 August 2020, which had a significant impact on the total deferred taxes at 31 December 2021. The reconciliation of the theoretical tax charge (calculated by applying the corporation tax (IRES) and regional production tax (IRAP) rates in force in Italy) with the actual tax charge for the year can be broken down as follows:2021 2022(million euros)Tax rate Balance Tax rate BalanceProfit before taxes 1,615 1,050 IRES taxes for the period calculated on the basis of the theoretical tax rate 24.0% 388 24.0% 252 Variations from the theoretical rate:- Net Income from equity investments (3.8%) (61) (1.4%) (15)- Dividend tax 1.0% 16 1.5% 16- Accrual (use) deferred tax provision 0.8% 8- Other permanent differences) (18.1%) (292) 5.2% 55IRES TAXES FOR THE YEAR 3.1% 51 29.3% 316 2021 2022(million euros)Tax rate Balance Tax rate BalanceDifference between value and cost of production 1,449 1,351 Irap taxes for the period calculated on the basis of the theoretical tax rate 3.9% 57 3.9% 53 Variations from the theoretical rate:Delta regional IRAP rates 0.2% 3 0.2% 3Other permanent differences 0.3% 4 0.4% 6IRAP TAXES FOR THE YEAR 4.4% 64 4.5% 62 An analysis of deferred and prepaid taxes based on the nature of the significant temporary differences that generated them can be found in Note 20 \u201cDeferred tax liabilities/assets\u201d.34.2 Taxes related to components of the comprehensive income statement2021 2022(million euros)Pre-tax Fiscal Net tax Pre-tax Fiscal Net tax valueimpactvaluevalueimpactvalueReassessment of liabilities for defined benefits plans (3) 1 (2) 8 (1) 7for employeesEquity investments accounted for using the equity method - share of other components 59 59 130 130in the comprehensive income statementEquity investments accounted for at FVTOCI (\u201cfair value through other components (16) (16) (44) (44)in the comprehensive income statement\u201d)Cash flow hedge \u2013 effective portion of fair value change 17 (4) 13 19 (4) 15Other components in the comprehensive income statement 57 (3) 54 113 (5) 108CURRENT AND DEFERRED INCOME TAXES RECOGNISED (3) (3) (5) (5)IN OTHER COMPREHENSIVE INCOME35 EARNINGS PER SHAREBasic earnings per share, at 0.201 euros per share (0.457 euros per share in 2021), are calculated by dividing the profit for the year pertaining to the shareholders of the parent company Snam (671 million euros; 1,499 million euros in 2021) by the weighted average number of Snam shares outstanding during the year, excluding treasury shares (3,336,596,674 shares; 3,270,833,636 shares in 2021). Diluted earnings per share is calculated by dividing the profit for the year attributable to shareholders of the parent company Snam, net of the tax effect, by the weighted average number of shares outstanding in the period, excluding treasury shares, and those potentially deriving from the long-term share incentive plans (2019, 2020 and 2021 grants). The weighted average number of outstanding shares used to calculate diluted earnings per share is 3,339,548,370 and 3,357,002,275 shares for 2022 and 2021, respectively. 35.1 Reconciliation of basic and diluted earnings per shareThe reconciliation of the weighted average number of outstanding shares used to determine basic and diluted earnings per share is set out below:2021 2022Weighted average number of outstanding shares used to calculate basic earnings per share 3,270,833,636 3,336,596,674Number of potential shares for long-term incentive plans 3,363,965 2,951,696 Number of potential shares for the convertible bond loans issue 82,804,674Weighted average number of outstanding shares used to calculate diluted earnings per share 3,357,002,275 3,339,548,370Group profit for the year (million euros) 1,496 671Dilution effect of the convertible bond loan 3Diluted profit for the year due to Snam\u2019s shareholders (million euros) (a) 1,499 671BASIC EARNINGS PER SHARE (AMOUNTS IN EUROS PER SHARE) 0.457 0.201DILUTED EARNINGS PER SHARE (AMOUNTS IN EUROS PER SHARE) 0.447 0.20136 INFORMATION BY BUSINESS SEGMENTConsistent with the 2022-2026 Strategic Plan, announced to the market last January, and in accordance with IFRS 8 'Operating Segments', the segments identified by the Group as at 31 December 2022 are as follows: \u2022 Transportation segment, attributable to the legal entities that carry out, at Group level, the transportation and dispatching of natural gas in Italy (Snam Rete Gas, ITG and Enura);\u2022 Storage segment, attributable to the legal entity that provides natural gas storage services in Italy (Stogit);41\u2022 Regasification segment, attributable to the legal entity providing the liquefied natural gas regasification service (LNG Italia) and the legal entities owning floating regasification plants - FSRUs (Snam FSRU Italia, Golar LNG NB13 Corporation; Ravenna LNG Terminal);\u2022 Energy Transition segment including companies active in the energy efficiency business attributable to the legal entities of the Renovit Group, and in the biogas/biomethane business attributable to the legal entities of the Bioenerys Group, as well as the start-up activities in the hydrogen field. This last segment, due to exceeding the materiality thresholds of IFRS 8, also confirmed in the Plan period, from 2022 constitutes an operating segment subject to separate reporting. The 'Other segments', not subject to separate reporting, mainly include the sustainable mobility business, an activity that is being repositioned within the Gas Infrastructures business insofar as it is no longer focused solely on the automotive sector, but is oriented towards the construction of mid-stream infrastructures dedicated to heavy transport, shipping and railways. Other unallocated amounts essentially relate to head office activities of Snam corporate and insurance captives.In order to assess the performance of the operating segments, Snam management mainly analyses adjusted EBITDA (net of any non-recurring costs or revenues, or costs or revenues resulting from events or transactions that are not representative of normal business activity) and adjusted EBIT, for which a reconciliation with the related reported values is provided.In addition to the above measures, the Executive Board regularly analyses revenues and investments for each business.In order to allow for a better reconciliation with what is represented for management purposes, the representation of revenues has been modified, distinguishing \u201cRegulated revenues\u201d, relating to services subject to regulation by the ARERA authority, from \u201cOther revenues\u201d and \u201cOther income\u201d not subject to such regulation, instead of the distinction between \u201cRevenues from ordinary operations\u201d and \u201cOther revenues and income\u201d. 41 Segment reported separately as a business subject to specific regulation, even if the materiality thresholds of IFRS 8 are not exceeded. Reporting segmentsReconcil-Amounts iation of (million euros)Trans-Regasi-Energy not adjusted Storage Other portation \ue7accation Transition allocated values Totalsegment segmentssegmentsegmentsegmentto seg-with mentsreported valuesFY 2021Regulated revenues 2,327 523 19 2,869Other non-regulated revenues 38 1 370 34 14 457to deduct: inter-sector revenues (36) (1) (4) (41)Total revenues from third parties 2,329 523 19 370 30 14 3,285Other operating income 14 6 1 2 23to be deducted: other inter-segment (6) (4) (1) (11)operating incomeTotal revenues and other operating 2,337 525 19 370 30 16 3,297income from third partiesEBITDA 1,804 455 8 9 (8) (18) (7) 2,243Depreciation, amortisation and impairment losses on property, plant, (669) (117) (8) (15) (2) (9) (820)equipment and intangible assetsEBIT 1,135 338 (6) (10) (27) (7) 1,423Investments in Property, plant 1,004 160 33 53 16 10 1,276and equipment and intangible assetsto deduct: Investments in Property, plant and equipment and intangible (6) (6)assets infra-sectorInvestments in Property, plant 1,004 160 33 47 16 10 1,270and equipment and intangible assetsFY 2022Regulated revenues 2,162 515 42 2,719Other non-regulated revenues 94 3 693 27 14 831to deduct: inter-sector revenues (48) (2) (4) (54)Total revenues from third parties 2,208 516 42 693 23 14 3,496Other operating income 14 5 4 2 3 28to be deducted: other inter-segment (4) (5) (9)operating incomeTotal revenues and other operating 2,218 516 46 695 23 17 3,515income from third partiesEBITDA 1,795 425 29 24 (19) (17) (19) 2,218Depreciation, amortisation and impairment losses on property, (703) (120) (11) (28) (2) (9) (17) (890)plant, equipment and intangible assetsEBIT 1,092 305 18 (4) (21) (26) (36) 1,328Investments in Property, plant 1,007 172 55 98 15 8 1,355and equipment and intangible assetsto deduct: Investments in Property, plant and equipment and intangible (4) (4)assets infra-sectorInvestments in Property, plant 1,007 172 55 94 15 8 1,351and equipment and intangible assets37 TRANSACTIONS WITH RELATED PARTIESFrom 1 August 2019, CDP S.p.A. reclassified its equity investment in Snam, already classified as de facto control pursuant to international accounting standard IFRS 10 \u2013 Consolidated financial statements from 2014, as de facto control pursuant to Article 2359, paragraph 1 of the Italian Civil Code and Article 93 of the TUF.Given the existence of de facto control by CDP S.p.A. over Snam S.p.A., Snam related parties, based on the current group ownership structure, are represented not only by Snam subsidiaries, associates and joint ventures, but also by the parent company CDP S.p.A. and its subsidiaries, including joint ventures, and associates, as well as by the subsidiaries, including joint ventures, and associates of the Ministry for the Economy and Finance (MEF) and in any case any other related parties in accordance with IAS 24, as in force over time. Members of the Board of Directors, Statutory Auditors and Key Managers, and their relatives and entities they control, including jointly with Snam, CDP and CDP Reti, are also regarded as related parties.As explained in detail below, related-party transactions mainly concern the exchange of goods and the provision of regulated services in the gas sector. Transactions between Snam and related parties are part of ordinary business operations and are generally settled under market conditions, i.e. the conditions that would be applied between two independent parties. All the transactions carried out were in the interest of the companies of the Snam Group.Pursuant to the provisions of the relevant legislation, the Company has adopted internal guidelines to ensure that transactions carried out by Snam or its subsidiaries with related parties are transparent and correct in their substance and procedure. Directors and statutory auditors declare potential interests that they have in relation to the Company and the Group every six months, and/or when changes in said interests occur; they also inform the Chief Executive Officer (or the Chair, in the case of the Chief Executive Officer\u2019s interests), who in turn informs the other directors and the Board of Statutory Auditors, of individual transactions that the Company intends to carry out and in which they have an interest.Snam is not subject to any direction or coordination activities. Snam performs management and coordination activities, pursuant to Article 2497 et seq. of the Italian Civil Code, with respect to the directly and indirectly controlled companies falling within the scope of consolidation, with the exception of Golar LNG NB 13 Corporation. In the context of transactions with related parties, pursuant to the disclosure obligations established by Consob Regulation no. 17221 of 12 March 2010, relating related parties which fall under the \"Exclusion cases\" pursuant to art. 13, paragraph 3, letter c) of the RPT Regulation and paragraph 3.2, point 8), of the RPT Guidelines, we report the following transactions:\u2022 the stipulation between Snam Rete Gas and Eni of the natural gas transport contract for the Thermal Year 2021-2022, which on 6 July 2022 exceeded the materiality threshold of 2.5%, to be applied in relation to the indices indicated in the Snam OPC Guideline;\u2022 on 28 December, Consob was notified of the transaction between related parties concerning a loan to Snam of a Revolving Credit Facility (RCF) of up to 1.8 billion euros (the \"Loan\") to be granted by a pool of banks (\"the Banks\") and to be utilised by Snam directly and/or through Snam Rete Gas S.p.A. and Stogit S.p.A. through the granting to the latter of one or more intercompany loans, backed by the SupportItalia guarantee (the \"Guarantee\") issued by SACE S.p.A. in favour of the Banks pursuant to Decree-Law No. 50/2022 (\"Decree\"), converted into law on 15 July 2022 by Law No. 91, as amended and supplemented. The Guarantee covers 80% of the amount of the Financing. The effectiveness of the Guarantee - pursuant to Article 15(9) of the Decree - is subject to the issuance of an ad hoc decree of the Ministry of Economy and Finance, in agreement with the Minister of Economic Development, adopted on the basis of the preliminary investigation submitted by SACE. Upon the issuance of the above-mentioned ministerial decree, Snam will be able to enter into long form financial documentation with the Banks, and Snam will subsequently be able to make the funding deriving from the Loan available to the Subsidiaries through intercompany loans, as provided for in the Decree, the Operating Manual and the General Conditions.The above transactions were processed pursuant to the \"Guideline on transactions involving the interests of the directors and statutory auditors and transactions with related parties\" adopted pursuant to Consob Regulation of 2010, Art. 4, which incorporates the amendments made by Consob with Resolution No. 21624/2020, and most recently amended effective September 14 2022. In accordance with the provisions of the 2010 Consob Regulation, transactions of greater importance are identified as those in which at least one of the relevance indexes required by Consob, applicable depending on the specific transaction of greater importance, is greater than the 5% threshold for related-party transactions in general and 2.5% for transactions carried out with any listed parent company - if any - or with parties related to it that are themselves related to the Company. The amounts involved in commercial, financial and other transactions with the above-mentioned related parties are shown below for the current year and the previous one for comparison purposes. The nature of the most significant transactions is also stated.37.1 Commercial and other transactionsCommercial and other transactions can be broken down as follows:31.12.2021 2021Revenues (b) Costs (a)Other Other (million euros)ReceivablesPayablesassetsliabilitiesGoods Services Other Goods Services Other- Snam Middle East BV 4 - Snam International (UK) Ltd 2 - Snam North America LLC 1 - Snam Gas & Energy Servicies 1 2 Total subsidiaries valued at equity 1 7 2 - Senfluga 1 1- TAG GmbH 1 1 2- Ter\u00e9ga S.A.S. 1- Trans Adriatic Pipeline AG (TAP) 2 5Total companies under joint control 5 1 8and associatesSnam Foundation 1 1 1- Cassa Depositi e Prestiti 111Total parent company 111- Italgas Group 1 1 1 1 2- Sace Group 3Total companies controlled by the parent company 1 3 1 1 1 2Cassa Depositi e Prestiti- Saipem Group 23 34- Valvitalia Finanziaria S.p.A. 1 4 2Total companies jointly controlled by the parent company 24 4 36Cassa Depositi e Prestiti- Gestore dei mercati energetici S.p.A. 101 205 1- Anas group 1 1 2- Enel Group (c) 179 19 343 1- Eni Group (c) 262 68 1 849 23- Ferrovie dello Stato group 5 1Total companies owned 548 1 295 2 1,192 24or controlled by the StateTRADE BALANCES 556 1 441 1 2 1,201 1 4 63 3WITH RELATED PARTIES(a) These include costs for goods and services used for investment purposes.(b) Before tariff components that are offset in costs.(c) Including balance sheet figures relating to balancing activities.31.12.2022 2022Revenues (b) Costs (a)Other Other (million euros)ReceivablesPayablesassetsliabilitiesGoods Services Other Goods Services Other- Snam Middle East BV 4 - Snam Gas & Energy Services 1 1 2 (Beijing)Total subsidiaries valued at equity 1 4 1 2 - Desfa S.A. 1 1 1 (1)- Industrie De Nora S.p.A. 1 - Interconnector UK 1 1- Albanian Gas Services (1)- TAG GmbH 8 7 3- Ter\u00e9ga S.A. 1- Ter\u00e9ga S.A.S. 1- Trans Adriatic Pipeline AG (TAP) 3 2 1 1Total companies under joint control 14 10 2 7 (2)and associatesSnam Foundation 1 2- Cassa Depositi e Prestiti 116Total parent company 116- Italgas Group 1 1- Sace Group 2Total companies controlled by the parent company 1 2 1Cassa Depositi e Prestiti- Saipem Group 30 42- Valvitalia Finanziaria S.p.A. 1 2Total companies jointly controlled by the parent company 31 2 42Cassa Depositi e Prestiti- HRA Group - Autostrade per 2l\u2019Italia S.p.A.- Gestore dei servizi energetici S.p.A. 313 24 2 9- Anas group 3 1- Enel Group (c) 241 62 536 1 2- Eni Group (c) 420 1 278 11 1,153 158 71 1- Ferrovie dello Stato group 1- Invitalia Group 10 23Total companies owned 978 2 375 13 1,700 1 158 96 1or controlled by the StateTRADE BALANCES WITH RELATED 995 2 538 2 13 1,708 2 160 140 1PARTIES37.1.1 Companies under joint control and associatesThe most significant transactions with companies under joint control and associates mainly concern the companies TAG and TAP in relation to the sale and purchase of gas in the context of balancing activities.37.1.2 Companies under joint control of the parent company Cassa Depositi e Prestiti (Italian investment bank)The most significant transactions with companies under the joint control of Cassa Depositi e Prestiti include the purchase by Saipem of design and works supervision services for the realisation of natural gas transportation and storage infrastructures, regulated by agreements signed at normal market conditions.37.1.3 Companies owned or controlled by the Italian StateThe most significant transactions with companies controlled or owned by the State involve:\u2022 the provision to the Eni Group and the Enel Group of natural gas transportation, regasification and storage services, regulated by tariffs established by the Authority;\u2022 the purchase by the Eni Group of electricity used for carrying out activities. 37.1.4 Parent companyThe most significant transactions with the parent company Cassa Depositi e Prestiti include the payable for an interim dividend of 116 million euros, approved on 9 November 2022 by the Board of Directors and payable from 25 January 2023, with ex-coupon date on 23 January 2023 and record date on 24 January 2023.\u2022\u2022\u2022\u2022\u2022\u2022\u2022\u2022\u2022\u2022\u2022\u2022\u2022\u202237.2 Financial transactions31.12.2021 2021(million euros)Guarantees Receivables Payablesand Incomecommitments- Trans Adriatic Pipeline AG (TAP) 1,129 - East Mediterranean Gas Company 8- EBS Societ\u00e0 agricola a R.L. 5- OLT Offshore Toscana 286 14Total companies under joint control and associates 299 1,129 14- Arbolia S.p.A. Benefit Company 1 Total non-consolidated subsidiaries 1BALANCES OF FINANCIAL TRANSACTIONS 299 1 1,129 14WITH RELATED PARTIES31.12.2022 2022(million euros)Guarantees Receivables Payablesand Costs Incomecommitments- Trans Adriatic Pipeline AG (TAP) 1,129 - Trans Austria Gasleitung GmbH 89 - East Mediterranean Gas Company 6- OLT Offshore Toscana 102 17- Societ\u00e0 Agricola ASSORO BIOMETANO S.r.l. 12 Total companies under joint control and associates 108 1,230 17- Arbolia S.p.A. Benefit Company 1Total non-consolidated subsidiaries 1CDP Corporate Partners 8 Total companies controlled by parent company 8Cassa Depositi e Prestiti- Cassa Depositi E Prestiti Group 1 200 1Total parent company 1 200 1BALANCES OF FINANCIAL TRANSACTIONS 109 201 1,238 1 17WITH RELATED PARTIES37.2.1 Companies under joint control and associatesFinancial transactions with companies under joint control and associates include:\u2022 the so-called \"Debt Payment Undertaking\" guarantee in favour of TAP, i.e. a mechanism to support the repayment of TAP outstanding financial debt to be activated, unlike the guarantee on first demand, upon the occurrence of specific 42and determined conditions linked to exceptional events of an extraordinary nature;43\u2022 the guarantee provided in the interest of TAG through which Snam guarantees to cover any liquidity shortfalls should the company be unable to use the credit lines already at its disposal and/or in the process of being finalised;\u2022 the long-term financial receivable in favour of OLT and the related interest income.37.2.2 Parent companyFinancial transactions with Cassa Depositi e Prestiti relate to a loan granted by the parent company to Snam S.p.A.37.3 Impact of related-party transactions or positions on the balance sheet, income statement and statement of cash flowsThe incidence of transactions or positions with related parties on the balance sheet and income statement is shown in the following summary table:31.12.2021 31.12.2022(million euros)Related Related Total% Share Total% ShareentitiesentitiesStatement of financial positionOther current and non-current financial assets 403 299 74.2 175 109 62.3Trade receivables and other current receivables 3,331 556 16.7 4,624 995 21.5Other current and non-current assets 362 1 0.3 314 2 0.6Other current and non-current liabilities 791 1 0.1 2,370 2 0.1Current and non-current financial liabilities 15,358 1 14,030 201 1.4Trade payables and other payables 2,889 441 15.3 8,129 538 6.642 For further information, please refer to Note 26.1.1 \"Guarantee provided on behalf of the associate TAP\".43 For further information, please refer to Note 26.1.2 \"Guarantee provided on behalf of the company under joint control TAG\".The impact of related-party transactions on the income statement is summarised in the following table:2021 2022(million euros)Related Related Total% Share Total% ShareentitiesentitiesIncome StatementRevenue 3,285 1,203 36.6 3,496 1,721 49.2Other operating income 12 1 8.3 19 2 10.5Costs for purchase of raw materials, 568 2 0.4 655 160 24.4consumables and finished goodsCosts for services 179 28 15.6 246 56 22.8Staff costs 216 (2) 237 (3)Other operating costs and expenses 91 3 3.3 159 3 1.9Financial income 32 14 43.8 37 17 45.9Financial costs 134 177 1 0.6Related-party transactions are generally governed on the basis of market conditions, i.e. the conditions that would be applied between two independent parties. The principal cash flows with related parties are shown in the following table.(million euros) 2021 2022Operating revenues and income 1,204 1,723 Operating costs and expenses (31) (216)Change in trade receivables and other current receivables (254) (439)Change in trade payables and other current payables 221 65 Change in other current and non-current liabilities 1 Interest collected (paid) 10 4 Cash inflow from operating activities 1,150 1,138 Investments:- Tangible and intangible assets (38) (85)- Long-term financial receivables (8)- Change in payables and receivables relating to investments 10 31 Divestments:- Financial receivables (repayments) 20 194 Cash flows from investment activities (16) 140 Increase (decrease) in short- term financial debt 1 Increase (decrease) in long-term financial debt 200 Cash flows from financing activities 1 200 TOTAL CASH FLOWS TO RELATED ENTITIES 1,135 1,478 The incidence of cash flows with related parties is shown in the table below:2021 2022(million euros)Related Related Total% Share Total% ShareentitiesentitiesCash inflow from operating activities 1,338 1,150 85.9 4,109 1,138 27.7 Cash flows from investment activities (1,678) (16) 1.0 (1,368) 140 Cash flows from financing activities (1,367) 1 (2,321) 200 38 PUBLIC GRANTS - DISCLOSURE PURSUANT TO ARTICLE 1, PARAGRAPHS 125-129, LAW NO. 124/2017Pursuant to Article 1, paragraph 125 of Law no. 124/2017, as amended, the following information is provided on disbursements received from Italian public entities and entities, in favour of Snam S.p.A. and its fully consolidated subsidiaries. The consolidated disclosures take into account disbursements received from Italian public entities/state bodies. In particular, the following are not subject to presentation: (i) the forms of incentive/subsidy received in application of a general aid scheme to all those entitled; (ii) payments relating to the provision of works/services, including sponsorships; (iii) reimbursements and allowances paid to persons engaged in training and guidance courses; (iv) contributions received for continuous training from interprofessional funds established in the legal form of associations; (v) membership fees for membership in trade and territorial associations, as well as in favour of foundations or equivalent organisations, functional to activities connected with the company\u2019s business. Disbursements are identified on a cash basis. The disclosure obligations regarding the transparency of public disbursements granted, provided for in Article 1, paragraph 126 of Law no. 124 of 2017, are not applicable to the Snam Group.During 2022, there are no disbursements of more than 10 thousand euros made by the same person, even through several acts. Pursuant to the provisions of Article 3-quater of DL 135/2018, converted with amendments by Law no. 12 of 11 February 2019, for any disbursements received, please refer to the indications contained in the National Register of State Aid referred to in Article 52 of Law no. 234 of 24 December 2012.39 SIGNIFICANT EVENTS AFTER THE END OF THE FINANCIAL YEARIn addition to what is reported in the chapter \"Operating performance by business segment of the Directors' Report\", it should be noted that on 10 January 2023, the purchase transaction was completed by Snam S.p.A. of 49.9% of the shareholdings held (directly and indirectly ) by Eni in the companies that manage the two groups of international pipelines that connect Algeria to Italy, in particular, the onshore pipelines that extend from the border between Algeria and Tunisia to the Tunisian coast (the so-called TTPC pipeline) and the offshore pipelines which connect the Tunisian coast to Italy (the so-called TMPC pipeline).These investments were contributed by Eni to a newly established Italian company (SeaCorridor S.r.l.), of which Snam acquired 49.9% of the share capital while the remaining 50.1% continues to be held by Eni. Eni and Snam exercise joint control over SeaCorridor, based on the principles of equal governance.The consideration paid at the closing, by Snam to Eni in relation to the transaction amounted to approximately 405 million euros; the sale and purchase agreement related to the transaction, signed between Eni and Snam on 27 November 2021, also provides for an earn-in and earn-out mechanism to be calculated on the basis of the revenues that will be generated by the investee companies.The transaction makes it possible to leverage the respective skills of Eni and Snam in a synergistic way on a strategic route for the security of natural gas supplies in Italy, favouring potential development initiatives in the hydrogen value chain also thanks to the natural resources of the North Africa.40 PUBLICATION OF THE FINANCIAL STATEMENTSThe financial statements were authorised for publication, to be carried out within the terms of the law, by the Snam Board of Directors in its meeting of 15 March 2023. MANAGEMENT'S CERTIFICATION OF THE CONSOLIDATED FINANCIAL STATEMENTS(Pursuant provision of article 154-bis, paragraph 5 of the Legislative Decree No. 58/1998 - Testo Unico della Finanza)1. The undersigned Stefano Venier and Luca Oglialoro, in their respective capacities as Chief Executive Officer and Manager responsible for preparing the Company\u2019s financial reports of Snam S.p.A., hereby certify, also taking into account the provisions of article 154-bis, paragraphs 3 and 4, of Legislative Decree no. 58 of 24 February 1998:\u2022 the adequacy in relation to the characteristics of the company and \u2022 the effective application of the administrative and accounting procedures for the preparation of the consolidated financial statements during FY 2022.2. The administrative and accounting procedures for the preparation of the consolidated financial statements at 31 December 2022 have been defined and the assessment of their adequacy has been carried out on the basis of the standards and methods defined in accordance with the Internal Control - Integrated Framework model issued by the Committee of Sponsoring Organizations of the Treadway Commission, which represents a reference framework for the internal control system generally accepted at international level. 3. It is also certified that3.1 The consolidated financial statements as at 31 December 2022:a) have been prepared in accordance with International Financial Reporting Standards as endorsed by the European Community pursuant to Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of 19 July 2002;b) correspond to the information contained in the accounting ledgers and records;c) provide a true and fair representation of the equity, economic and financial situation of the Issuer and the whole of the companies included in the scope of consolidation;3.2 The Directors' Report includes a fair review of the development and performance of operations and of the position of the issuer and of the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties to which it is exposed.15 March 2023/Firma/Stefano Venier /Firma/Luca OglialoroStefano Venier Luca OglialoroChief Executive Officer Manager responsible for preparing the Company\u2019s financial reports",
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"value": "is an integrated Group at the forefront of the regulated gas industry (transportation, regasification and storage) and a major player in terms of its regulatory asset base (RAB) in the sector.",
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"value": "In addition to Italy, through its international subsidiaries, Snam also manages infrastructures in Austria, Egypt, United Arab Emirates, France, Greece and the United Kingdom.",
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"value": "Italy",
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"value": "Italy",
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"value": "San Donato Milanese (MI) - Italy, in Piazza Santa Barbara 7.",
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"value": "CDP S.p.A.",
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"value": "2.1 Basis of presentationThese consolidated financial statements:a) have been prepared in accordance with the International Financial Reporting Standards issued by the International Accounting Standards Board (IASB) and adopted by the European Commission pursuant to Article 6 of (EC) Regulation No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 and pursuant to Article 9 of Legislative Decree 38/2005;",
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"value": "have been prepared in accordance with the going concern assumption, based on the conventional historical cost criterion, taking into account value adjustments where appropriate, with the exception of items that must be measured at fair value, in accordance with IFRS, as described in the measurement criteria.Considering the characteristics of Snam's core business, which did not require an uninterrupted continuation of operating activities, there are no elements that require in depth analysis regarding the validity of the going concern assumption;",
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"value": "have been approved and authorised for publication by the Board of Directors of Snam S.p.A. in its meeting of 15 March 2023, and have been audited by Deloitte & Touche S.p.A.;d) are denominated in euros,; given their size, the amounts in the financial statements and respective notes are expressed in millions of euros, unless otherwise specified.",
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},
"s8_notes__5__19": {
"value": "3ACCOUNTING STANDARDS AND INTERPRETATIONS APPLICABLE FROM 2022For the financial year ended 31 December 2022, the Group applied accounting standards in line with those of the previous year, with the exception of the accounting standards and interpretations which came into force in the year starting on 1 January 2022, which are described below.By Regulation no. 2021/1080, issued by the European Commission on 28 June 2021, the regulatory provisions contained in the following documents were approved:\u2022 Amendments (i) to IFRS 3 Business Combinations; (ii) to IAS 16 Property, Plant and Equipment; (iii) to IAS 37 Provisions, Contingent Liabilities and Contingent Assets\u201d. (i) Amendments to IFRS 3: the document \u201cAmendments to IFRS 3 Business Combinations: Reference to the Conceptual Framework\u201d is intended to update the reference in IFRS 3 to the Conceptual Framework in its revised version, without resulting in any changes to the requirements of IFRS 3. (ii) Amendments to IAS 16: the document \u201cAmendments to IAS 16 Property, Plant and Equipment: Proceeds before intended use\u201d introduced some clarifications, specifying that it is not allowed to deduct from the cost of the fixed asset the amount received from the sale of goods produced before the asset was ready for use, as intended by management. These sales revenues and related costs shall therefore be recognised in the income statement. (iii) Amendments to IAS 37: the document\u201cAmendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous contracts - Cost of fulfilling a contract\u201d clarified which cost items are to be considered in determining whether or not a contract will be loss-making. \u2022 Improvements to IFRS (2018-2020 cycle):(i) amendments to IFRS 1 \"First-time Adoption of International Financial Reporting Standards\", in relation to the measurement of cumulative translation differences; (ii) amendments to IFRS 9 \"Financial Instruments\" clarifying which fees (commissions) are to be included when performing the \"10 per cent\" test required by paragraph B3.3.6 of IFRS 9, specifying that only fees, paid or received, between the entity and thelender; (iii) deletion of Illustrative Example 13 of IFRS 16 \"Leases\" relating to the repayment of leasehold improvements by the lessor in order to remove any doubt about the treatment of lease incentives; and (iv) amendments to IAS 41; the amendment removes the requirement in paragraph 22 of IAS 41 that entities when measuring a biological asset at fair value using present value techniques must exclude cash flows of a tax nature from the measurement. This will ensure consistency with the requirements of IFRS 13.The adoption of these amendments did not have effects on the Group\u2019s consolidated financial statements.4FINANCIAL STATEMENTSWith reference to the financial statements, note that:\u2022 the items in the Statement of financial position are classified by distinguishing assets and liabilities on a current/non-1current basis\u201d;\u2022 the Income Statement has been presented separately from the Comprehensive Income Statement and classifies costs by type, since this is deemed to be the best way of representing the Group\u2019s operations and is in line with the established practice of companies operating in international markets;\u2022 the Cash Flow Statement has been prepared using the indirect method.Moreover, pursuant to Consob Resolution No. 15519 of 28 July 2006, any income and expense from non-recurring operations is shown separately in the income statement.With regard to the same Consob Resolution, the balances of receivables/payables and transactions with related parties, described in more detail in Note 37 \u2013 \u201cRelated-party transactions\u201d, are shown separately in the financial statements.1 Assets and liabilities are classified as current if: (i) their realisation/settlement is part of the normal operating cycle of the company or in the 12 months after the financial year-end; (ii) they consist of the cash and cash equivalents without restrictions that would limit usage thereof in the 12 months following the closure of the year; or (iii) they are held mainly for trading.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__18": {
"value": "3ACCOUNTING STANDARDS AND INTERPRETATIONS APPLICABLE FROM 2022For the financial year ended 31 December 2022, the Group applied accounting standards in line with those of the previous year, with the exception of the accounting standards and interpretations which came into force in the year starting on 1 January 2022, which are described below.By Regulation no. 2021/1080, issued by the European Commission on 28 June 2021, the regulatory provisions contained in the following documents were approved:\u2022 Amendments (i) to IFRS 3 Business Combinations; (ii) to IAS 16 Property, Plant and Equipment; (iii) to IAS 37 Provisions, Contingent Liabilities and Contingent Assets\u201d. (i) Amendments to IFRS 3: the document \u201cAmendments to IFRS 3 Business Combinations: Reference to the Conceptual Framework\u201d is intended to update the reference in IFRS 3 to the Conceptual Framework in its revised version, without resulting in any changes to the requirements of IFRS 3. (ii) Amendments to IAS 16: the document \u201cAmendments to IAS 16 Property, Plant and Equipment: Proceeds before intended use\u201d introduced some clarifications, specifying that it is not allowed to deduct from the cost of the fixed asset the amount received from the sale of goods produced before the asset was ready for use, as intended by management. These sales revenues and related costs shall therefore be recognised in the income statement. (iii) Amendments to IAS 37: the document\u201cAmendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous contracts - Cost of fulfilling a contract\u201d clarified which cost items are to be considered in determining whether or not a contract will be loss-making. \u2022 Improvements to IFRS (2018-2020 cycle):(i) amendments to IFRS 1 \"First-time Adoption of International Financial Reporting Standards\", in relation to the measurement of cumulative translation differences; (ii) amendments to IFRS 9 \"Financial Instruments\" clarifying which fees (commissions) are to be included when performing the \"10 per cent\" test required by paragraph B3.3.6 of IFRS 9, specifying that only fees, paid or received, between the entity and thelender; (iii) deletion of Illustrative Example 13 of IFRS 16 \"Leases\" relating to the repayment of leasehold improvements by the lessor in order to remove any doubt about the treatment of lease incentives; and (iv) amendments to IAS 41; the amendment removes the requirement in paragraph 22 of IAS 41 that entities when measuring a biological asset at fair value using present value techniques must exclude cash flows of a tax nature from the measurement. This will ensure consistency with the requirements of IFRS 13.The adoption of these amendments did not have effects on the Group\u2019s consolidated financial statements.4FINANCIAL STATEMENTSWith reference to the financial statements, note that:\u2022 the items in the Statement of financial position are classified by distinguishing assets and liabilities on a current/non-1current basis\u201d;\u2022 the Income Statement has been presented separately from the Comprehensive Income Statement and classifies costs by type, since this is deemed to be the best way of representing the Group\u2019s operations and is in line with the established practice of companies operating in international markets;\u2022 the Cash Flow Statement has been prepared using the indirect method.Moreover, pursuant to Consob Resolution No. 15519 of 28 July 2006, any income and expense from non-recurring operations is shown separately in the income statement.With regard to the same Consob Resolution, the balances of receivables/payables and transactions with related parties, described in more detail in Note 37 \u2013 \u201cRelated-party transactions\u201d, are shown separately in the financial statements.1 Assets and liabilities are classified as current if: (i) their realisation/settlement is part of the normal operating cycle of the company or in the 12 months after the financial year-end; (ii) they consist of the cash and cash equivalents without restrictions that would limit usage thereof in the 12 months following the closure of the year; or (iii) they are held mainly for trading.5SIGNIFICANT ACCOUNTING STANDARDS The most significant measurement criteria adopted when preparing the consolidated financial statements are described below.5.1 Consolidation CriteriaSubsidiaries, joint ventures, associates and other significant equity investments are indicated separately in the appendix \u201cEquity investments of Snam S.p.A. as at 31 December 2022\u201d, which is an integral part of these notes. The same annex shows the changes in the scope of consolidation at 31 December 2022 compared to 31 December 2021. For further details on the acquisition of controlling interests, for which the conditions for the application of IFRS 3 exist, please refer to the section \u201cBusiness combinations\u201d. All the financial statements of the companies included in the scope of consolidation are expressed in euro, adjusted, where necessary, to make them consistent with the accounting principles applied by the Parent Company. Fully consolidated subsidiariesThe Group defines another entity as a subsidiary when it:\u2022 has the power to make decisions concerning the investee entity;\u2022 is entitled to receive a share of or is exposed to the variable profits and losses of the investee entity;\u2022 is able to exercise power over the investee entity in such a way as to affect the amount of its economic returns.Figures relating to subsidiaries are included in the consolidated financial statements, based on standardised accounting principles, from the date on which the Company assumes direct or indirect control over them until the date on which said control ceases to exist. The assets, liabilities, income and expenses of consolidated companies are fully incorporated line-by-line in the consolidated financial statements (full consolidation method). Unrealised gains from transactions between consolidated companies are derecognised, as are receivables, payables, income, expenses, guarantees, commitments and risks between consolidated companies. The portion pertaining to the Group of unrealised gains with companies valued using the equity method is derecognised. In both cases, intragroup losses are not derecognised because they are considered to represent the impairment loss on the transferred asset.Changes in equity investments held directly or indirectly by the Company in subsidiaries that do not result in a change in the qualification of the investment as a subsidiary are recorded directly in equity as transactions with shareholders. The book value of the equity attributable to Parent company shareholders and non-controlling interests are adjusted to reflect the change in the equity investment ownership. The difference between the book value of minority interests and the fair value of the consideration paid or received is recorded directly under equity attributable to Parent company shareholders.Otherwise, the selling of interests entailing loss of control requires the posting to the income statement of: (i) any capital gains or losses calculated as the difference between the consideration received and the corresponding portion of shareholders\u2019 equity transferred; (ii) the effect of the alignment to the fair value of any residual equity investment maintained; (iii) any amounts posted to other components in the comprehensive income statement relating to the former subsidiary that will be reclassified to the income statement. The fair value of any equity investment maintained at the date of loss of control represents the new reference value for the successive valuation of the equity investment according to the applicable valuation criteria.Associates and joint ventures accounted for using the equity methodAn associate is an investee in which the Group has significant influence, i.e., the power to participate in determining the financial and operating policies of the associate company, without, however, having control or 2joint control over it. It is assumed that the investor has significant influence (unless there is proof to the contrary) which is presumed to exist when the investment held is at least 20% of the exercisable voting rights.A joint venture is a joint arrangement in which the parties that hold joint control have rights to the net assets subject to the arrangement and, therefore, have an interest in the jointly controlled corporate vehicle.Equity investments in associates and joint ventures are measured using the equity method, whereby the investments are initially recognised at cost and subsequently adjusted to take account of:(i) the investor\u2019s share in the economic results of the investee after the acquisition date;(ii) the investor\u2019s share of the other components in the comprehensive income statement of the investee.Dividends distributed by the investee are recognised net of the book value of the equity investment. For the purposes of applying the equity method, the adjustments provided for the consolidation process are taken into account (see also the previous point on fully consolidated subsidiaries).The sale of investment that results in loss of joint control or significant influence over the investee determines the recognition of the following in the income statement: (i) any capital gains or losses calculated as the difference between the consideration received and the corresponding fraction of the book value of the investment sold; (ii) the effect of the alignment to the fair value of any residual equity investment maintained; (iii) any amounts posted to other components in the comprehensive income statement relating to the investee entity that will be reclassified to the income statement. The value of any equity investment maintained, aligned with the relative fair value at the date of loss of joint control or significant influence, represents the new reference value for the successive valuation according to the applicable valuation criteria. If there is objective evidence of impairment, the Group performs an impairment assessment by comparing the book value with the related recoverable amount and recognises the difference in the income statement under \u201cShare of profit or loss of investments accounted for using the equity method\u201d. If the Group\u2019s share of the loss exceeds the book value of the investment, the latter is written 2 Joint control is the contractual sharing of control pursuant to an agreement, which exists only where the unanimous consent of all the parties that share power is required for decisions relating to significant activities.off and any excess is recognised in a specific provision, if the investor is obliged to meet the legal or constructive obligations of the investee or otherwise cover its losses. When the reasons for the impairment losses no longer apply, equity investments are revalued up to the amount of the impairment losses entered, with the effect posted to the income statement under the above item.The parent company\u2019s share of any losses of the investee company, greater than the investment\u2019s book value, is recognised in a special provision to the extent that the parent company is committed to fulfilling its legal or implied obligations to the investee, or, in any event, to covering its losses. Business combinationsBusiness combinations are transactions with which the group acquires control of a business. To determine whether a particular set of acquired assets and activities meets the definition of a \u201cbusiness\u201d, the Group examines whether that set comprises, at least, a production factor and a substantial process and whether it has the ability to generate production. Business combinations are accounted for by applying the acquisition method, whereby the consideration transferred at the date of acquisition of control is equal to the fair value of the assets transferred, the liabilities incurred or taken on, and any equity instruments issued. The consideration transferred also includes the current value of any deferred fixed payments and the fair value of any contingent considerations (e.g earn-outs). If the contingent consideration meets the definition of an equity instrument, it is classified as shareholders\u2019 equity and is not measured thereafter. Other contingent considerations are recognised as a liabilities and are measured at fair value at each financial year-end; changes in fair value are recognised in the income statement.Costs directly attributable to the transaction, other than those related to the issue of debt or equity instruments, are recognised in the income statement when they are incurred.The shareholders\u2019 equity of these associate companies is determined by attributing to each asset and liability its fair value at the date of acquisition of control. If positive, any difference from the consideration transferred is posted to the asset item \u201cGoodwill\u201d; if negative, it is posted instead to the income statement.Where total control is not acquired, the share of equity attributable to minority interests is determined based on the share of the current values attributed to assets and liabilities at the date of acquisition of control, net of any goodwill (the \u201cpartial goodwill method\u201d). Alternatively, the full amount of the goodwill generated by the acquisition is recognised, therefore also taking into account the portion attributable to minority interests (the \u201cfull goodwill method\u201d). In this case, non-controlling interests are expressed at their total fair value, including the attributable share of goodwill. The choice of how to determine goodwill (Partial goodwill method or full goodwill method) is based on each individual business combination transaction.If control is assumed in successive stages, the consideration transferred is determined by adding together the fair value of the equity investment previously held in the acquired company and the amount paid to acquire the additional equity investment. The difference between the fair value of the previously held equity investment (redetermined at the time of acquisition of control) and the relative book value is posted to the income statement. Upon acquisition of control, any components previously recognised under other components in the comprehensive income statement are posted to the income statement or to another item of shareholders\u2019 equity, if no provisions are made for classification in the income statement.When the values of the assets and liabilities of the acquired entity are determined provisionally in the financial year in which the business combination is concluded, the figures recorded are adjusted, with retroactive effect, no later than 12 months after the acquisition date, to take into account new information about facts and circumstances in existence at the acquisition date.Business combinations involving entities under joint controlBusiness combinations involving companies that are definitively controlled by the same company or companies before and after the transaction, and where such control is not temporary, are classed as \u201cBusiness combinations of entities under common control\u201d, whose accounting is not specifically disclosed in IFRSs. In the absence of a reference accounting standard, the selection of an accounting standard for such transactions, for which a significant influence on future cash flows cannot be established, is guided by the principle of prudence, which leads to the application of the criterion of continuity of values of the net assets acquired. The assets are measured at the book values from the financial statements of the companies being acquired (or the vendor company) before the transaction or, alternatively, at the values from the consolidated financial statements of the common ultimate parent.With regard to the sale of business, the treatment of the difference between the contractually defined consideration and the carrying amounts of the transferred business is differentiated depending on the entities involved in the transfer.With regard to contributions involving businesses under common control, on the other hand, irrespective of the pre-existing investment relationship, the transferee entity recognises the transferred business at its historical carrying value, increasing its own equity by an equal amount; the transferring entity shall recognise the investment in the transferee entity at an amount equal to the increase in the latter\u2019s shareholders\u2019 equity. This accounting treatment refers to the proposal by Assirevi in the Preliminary Guidelines on IFRS (OPI No. 1 Revised) - \u201cAccounting treatment of business combinations of entities under common control in the separate and consolidated financial statements\u201d issued in October 2016. Accounting treatment of put options written on the shares of subsidiariesTherefore, if the Group does not have the unconditional right to avoid delivery of cash or other financial instruments when a put option on shares in subsidiaries is exercised, a financial liability equal to the current value of the option exercise price is recognised and subsequent changes in the financial liability are recognised in the income statement. The same accounting treatment is applicable when, in addition to a put option, there is also the simultaneous presence of a symmetrical call option, the so-called \u201csymmetrical put and call options related to non-controlling interest\u201d.Snam considers that shares subject to put options (or symmetrical put and call options) have already been acquired by the Group, in cases where the economic benefits and risks associated with the actual ownership of the shares do not remain with the minority shareholders; therefore, in such circumstances, it does not recognise minority interests in the consolidated financial statements.5.2 Property, plant and equipment Recognition and measurement of property assetsProperty, plant and equipment are measured at cost, less accumulated depreciation and impairment losses. When a significant period of time is needed before the asset is ready for use, financial expenses incurred during the asset preparation period are also capitalised in the cost of the asset.If there are current obligations for dismantling and removal the assets and restore the sites, the book value includes the estimated (discounted) costs to be incurred at the time that the structures are abandoned, recognised as a contra-entry to a specific provision. The accounting treatment for revisions in these cost estimates, the passage of time and the discount rate are indicated in the Note 5.9 \u201cProvisions for risks and charges, contingent liabilities and contingent assets\u201d.Subsequent costs of improvements, upgrades and transformations to/ of property, plant and equipment are capitalised when it is likely that they will increase the future economic benefits expected. Costs are also capitalised when related to items purchased for security or environmental reasons which, although not directly improving the future economic benefits of existing assets, are necessary to carry out the company\u2019s operations.Property, plant and equipment includes: (i) with regard to natural gas transportation, the value relating to the quantities of natural gas injected to bring natural gas pipelines into service. The valuation is carried out using the weighted average purchase price method. Specifically, the component of this quantity that can no longer be extracted (the \u201cinitial line pack\u201d) is depreciated over the useful life of the plant to which it refers. On the contrary, the commercial component, which is eventually transferable to the market or can be put to alternative uses (the so-called \u201cOperating line pack\u201d), is not subject to depreciation, since by its nature it cannot depreciate; (ii) in the context of natural gas storage, the part of the gas injected into the storage wells as cushion gas.Recognition and measurement of leased assetsA contract is or contains a lease if it gives an entity the right to control the use of an identified asset for a certain period of time in exchange for a fee. For all leases that run for more than 12 months, relating to non- low value 3assets, the following elements are recognised in the balance sheet at the effective date, i.e. when the asset is available for use:(i) an asset, under Property, plant and equipment, representing the right to use the asset, and (ii) a financial liability, representing the obligation to make 3 The Group considers low-value assets to be all assets worth 25 thousand euros or less. the payments under the contract (also referred to as the \u201clease liability\u201d). In determining the duration of the lease, the group considers the non-cancellable period of the contract and, when it believes there is reasonable certainty, also the additional periods for the exercise of renewal options or the non-exercise of early termination options provided in the contract.Liabilities for leases are recognised initially at an amount equal to the current value of the following lease payments not yet made at the lease commencement date: (i) fixed (or substantially fixed) payments, net of any incentives to be received; (ii) variable payments that depend on trends in rates or indices;(iii) estimated future payments for any residual value guarantees, for the exercise of the purchase option and for any penalties related to the early termination of the contract, if the group considers the exercise of such options to be reasonably certain.The current value of the payments is calculated using a discount rate equal to the group\u2019s marginal borrowing rate taking into account the frequency and duration of payments under the lease agreement.Subsequent to initial recognition, the lease liability is measured at amortised cost and is redetermined, against the book value of the right-of-use asset, when there is a change in the lease payments due as a result of: (i) contract renegotiations;(ii) changes in rates or indices; (iii) changes in measurement made regarding the exercise of contractually-provided options (e.g. purchase of the leased asset or the extension or early termination of the contract).The right-of-use asset is initially recognised at cost, determined as the sum of the following components: (i) the initial amount of the finance lease liability; (ii) the initial direct costs incurred by the lessee; (iii) any payments made on or before the lease commencement date, net of any incentives received by the lessor; (iv) the best estimate of the costs that the group expects to incur for the dismantling and removal of the asset and for the possible restoration of the site (i.e. the costs for restoring the asset to the conditions established in the contract). After the initial recognition, the right-of-use asset is adjusted to take account of:(i) depreciation and amortisation expense;(ii) the related effects and any restatements of the financial lease liability; (ii) the related effects and any restatements of the financial lease liability.Depreciation of property, plant and equipment Starting when the asset is available and ready for use, owned and leased property, plant and equipment is systematically depreciated on a straight-line basis over its useful life, defined as the period of time in which it is expected that the company may use the asset. The amount to be depreciated is the book value, reduced by the projected net realisable value at the end of the asset\u2019s useful life, if this is significant and can be reasonably determined.The table below shows the annual depreciation rates used for the year in question, broken down into homogeneous categories, 4together with the relevant period of application:Annual economic-technical depreciation rate (%) Land not depreciatedBuildings 2Plant and machinery \u2013 Transportation- Methane pipelines 2 or higher depending on the residual useful life- Compression stations 5 or higher depending on the residual useful life- Gas reduction and regulation plants 5 or higher depending on the residual useful life- Radio links 25-Monitoring and control instruments and systems 5 or higher depending on the residual useful lifePlant and machinery \u2013 Storage- Pipelines 2- Treatment plants 4- Compression stations 5- Storage wells 1.66-Monitoring and control instruments and systems 5Plant and machinery \u2013 regasification- Regasification plants 4 or higher depending on the residual useful life- Tanks and oil pipelines 4 or higher depending on the residual useful lifePlant and machinery - Biogas/Biomethane- Biogas/biomethane plants 6.7 or depending on the duration of the concessionOther assetsCentralised IT infrastructures 20Other plant and equipment 2.5-12.5Measuring equipment 5Industrial and Commercial Equipment 10-35Other assets 10-33Rights of use for leased assets < between economic-technical life and contract durationWhen an item recorded under property, plant and equipment consists of several significant components with different useful lives, a component approach is adopted, whereby each individual component depreciates separately.4 The application rate or internal could be higher depending on the residual life following business combination acquisitions and/or transactions. 5.3 Intangible assets and goodwillRecognition and measurement of intangible assets and goodwillIntangible assets are those non monetary assets without identifiable physical form, are controlled by the group and are capable of generating future economic benefits. They are recognised at cost net of amortisation and any accumulated impairment losses.Goodwill arising from the acquisition of subsidiaries is measured at cost less impairment losses cumulated.Technical development costs are capitalised as intangible assets when: (i) the cost attributable to the intangible asset can be reliably determined; (ii) there is the intent, availability of financial resources and technical capability to make the asset available for use or sale; and (iii) it can be shown that the asset is capable of producing future economic benefits.Alternatively, costs for the acquisition of new knowledge or discoveries, investigations into products or alternative processes, new techniques or models, or the design and construction of prototypes, or incurred for other scientific research or technological developments, which do not meet the conditions for capitalisation are considered current costs and charged to the income statement for the period in which they are incurred.The book value of the storage concessions represents the reserves of natural gas in the fields (so-called cushion gas), which does undergo depreciation, because: (i) the volume of this gas is not changed by the storage activity; (ii) the economic value of the gas that can be recovered at the end of the concession, in accordance with the provisions of the Ministerial Decree of 3 November 2005 \u201cCriteria for determining an adequate consideration for the remuneration of assets allocated to a concessionaire for the storage of natural gas\u201d of the Ministry of Productive Activities (MAP), is not less than the value recorded in the financial statements.Amortisation of intangible assets with finite useful life Intangible assets with a finite useful life are amortised systematically over their useful life, which is understood to be the period of time in which it is expected that the company may use the asset.The table below shows the annual depreciation rates used for the year in question, broken down into homogeneous categories, together with the relevant period of application:Annual economic-technical depreciation rate (%) Storage concessions non-amortised: residual value greater than book valueInformation systems 20-33Other intangible fixed assets 20 or based on the duration of the contract5.4 Public and private grantsCapital grants given by public authorities are recognised when there is reasonable certainty that the conditions imposed by the granting government agencies for their allocation will be met, and they are recognised as a reduction to the purchase or production cost of their related assets. Similarly, capital grants received from private entities are recognised in accordance with the same regulatory provisions.Operating grants are recognised in the income statement on an accruals basis, consistent with the relative costs incurred.5.5 Impairment of non-financial assets Impairment of tangible and intangible assets with finite useful lifeAt least once a year, non-financial, tangible and intangible assets with a finite useful life are analysed to uncover any indicators of impairment. When there are indications that an impairment loss may exist or when events occur leading to the assumption of impairment of property, plant and equipment or intangible assets with a finite useful life, their recoverability is tested by comparing the book value with the related recoverable value, which is the fair value, net of disposal costs(see paragraph 5.8 \u201cMeasurement at fair value\u201d), or the value in use, whichever is greater.The recoverable amount, in the value in use configuration, is determined by discounting projected cash flows resulting from the use of the asset and, if they are significant and can be reasonably determined, from its sale at the end of its useful life, net of any disposal costs.With reference to the Transportation (Snam Rete Gas), Regasification (LNG) and Storage (Stogit) CGUs, the recoverable value was defined as corresponding to the estimated value of the Net Invested Capital recognised to these assets for tariff 5purposes (RAB - Regulatory Asset Base) by the Regulatory Authority for Energy, Networks and the Environment (ARERA), net of the flat-rate components, of the Employee Severance Indemnity (TFR) and of the contributions received.The measurement is made on a per-asset basis or for the smallest identifiable set of assets that, through its own continuous use, generates cash inflows that are largely independent of those of other assets or groups of assets (Cash Generating Units - CGUs). Expected cash flows are determined on the basis of reasonable and documentable assumptions representative of the best estimate of the future economic conditions of the asset or groups of assets, giving greater importance to indications from the outside. Discounting is done at a rate reflecting current market conditions for the time value of money and specific risks of the asset not reflected in the estimated cash flows. If the book value of the asset or CGU is greater than its recoverable amount, an impairment loss is recognised in the income statement; a CGU\u2019s impairment losses are first recognised as a reduction in the book value of any goodwill (see next point \u201cImpairment of goodwill and intangible assets not yet available for use\u201d) allocated to it and then as a reduction in the book value of the other assets of the CGU, in proportion to their respective carrying amounts. The book value of each Cash Generating Unit (or grouping of CGUs), consistently with the prevailing valuation practice, is equal to the respective Net Invested Capital recorded at the level of Snam\u2019s consolidated financial statements at the reference date for carrying out the impairment test.If the conditions for a previously effected impairment no longer apply, the book value of the asset (except for goodwill) is restored with recognition in the income statement (recovery of value), within the limits of the net book value that the asset in question would have had if the impairment had not been carried out and any related amortisation had been carried out. If certain specific assets held by the Group are affected by unfavourable operating or economic conditions that may compromise their ability to contribute to the realisation of cash flows, they may be subject to an independent recoverability analysis and impaired, if necessary. Impairment of goodwill, intangible assets with an indefinite useful life and intangible assets not yet available for use.The recoverability of the book value of goodwill, of intangible assets with an indefinite useful life and intangible assets not yet available for use is tested at least annually, and in any case when events occur leading to an assumption of impairment.Pursuant to the provisions of IFRS 3, in the context of business combinations, the acquirer, at the acquisition date, recognises all assets, liabilities and identifiable contingent liabilities under the acquisition at their fair values; any remaining positive difference with respect to the acquisition cost is recognized in the asset item Goodwill, and any negative difference is recognised in the income statement.5 The RAB is the reference basis for the determination of the service tariffs and, therefore, of the cash flows generated by the activities. The value of the RAB is defined through the historical cost method revalued as regards the Fixed capital, and on a flat rate basis for the working capital, the employee severance indemnity and, with reference to the storage segment, the provision for decommissioning and site restoration.For the purpose of the impairment test, goodwill is allocated, as from the date of acquisition, to each Cash Generating Unit, or group of CGUs, that is expected to benefit from the synergies of the combination. After its initial recognition, goodwill is not amortised but is instead subject to a recoverability test at least annually by determining the recoverable value of the CGU or group of CGUs to which it is allocated (following the procedures described in the note \u201cImpairment of tangible and intangible assets of finite useful life\u201d); this is then compared to the book value of the CGU itself (or group of CGUs). The book value of each Cash Generating Unit (or grouping of CGUs), consistently with the prevailing valuation practice, is equal to the respective Net Invested Capital recorded at the level of Snam\u2019s consolidated financial statements at the reference date for carrying out the impairment test.When the book value of the CGU (or group of CGUs), including the goodwill attributed to it, exceeds the recoverable value, the difference is subject to impairment, which is attributed by priority to the goodwill up to its amount; any surplus in the impairment with respect to the goodwill is attributed pro rata to the book value of the assets constituting the CGU (or group of CGUs). Goodwill write-downs are not reversed, even if the reasons for the write- down no longer apply in subsequent years. Reduction in value of Equity investmentsWhen there are indications that an impairment loss may exist or when events occur leading to the assumption of impairment of investments, their recoverability is tested by comparing the book value with the related recoverable value, which is the fair value, net of disposal costs (see paragraph 5.8 \u201cMeasurement at fair value\u201d), and the value in use, determined through the application of the 6Dividend Discount Model (DDM) or Discounted Cash Flow(DCF) method, (the present value of the expected cash flows is determined in accordance with the provisions of the previous paragraph \u201cImpairment of tangible and intangible assets with a finite useful life\u201d). The application of the Dividend Discount Model (DDM) provides that the recoverable value, in the configuration of the value in use, is determined by discounting the expected dividend flows on the basis of the forecast plans of the investee companies drawn up according to reasonable and documentable assumptions, discounted at the cost of the capital (Ke) which includes any specific risks not reflected in the estimated cash flows.6 If the Discounted Cash Flow (DCF) method is used, the results are adjusted for the respective net financial positions.5.6 InventoriesInventories, including compulsory inventories, are recorded at the lower of purchase or production cost and net realizable value, which is the amount that the entity expects to receive from their sale in the normal course of business, net of the estimated costs for the completion and the realisation of the sale.The cost of natural gas inventories is determined using the weighted average cost method.It should be noted that any transactions involving strategic gas, which are subject to prior authorisation by the MED, entail a withdrawal and subsequent replenishment of the quantities of gas from the strategic reserve, not resulting in 7any movement of the stock. 5.7 Financial instrumentsFinancial instruments are defined as any contract that gives rise to a financial asset, financial liability or equity instrument, which are recognized and measured in accordance with IAS 32 \"Financial Instruments: Presentation\" and IFRS 9 \"Financial Instruments.\" Financial instruments include, cash and cash equivalents, short-term and long-term financial receivables and payables, trade receivables and payables, bonds held and issued, equity investments that do not constitute control, associates or joint control (so-called minority interests) and derivative instruments.Cash and cash equivalentsCash and cash equivalents include cash amounts, on demand deposits, and other short-term financial assets with a term of less than three months, which are readily convertible into cash and for which the risk of a change in value is negligible. They are recorded at nominal value, corresponding to fair value.Financial assets - Initial recognitionA financial asset (or financial liability) is recognized in the financial statements when, and only when, the Group becomes a party to the contractual terms of the instrument (i.e., at the trade date).Initial recognition is at fair value, increased, for financial assets other than those measured at fair value with the effects charged to the income statement, by directly attributable transaction costs. For trade receivables without a significant financial component, the initial recognition value of which is the transaction price (as defined by IFRS 15).7 Or the risk, the timing or the amount of the future cash flows of the entity are not intended to change following these transactions (IFRS 15.9d)At initial recognition, financial assets are classified into the following categories: (i) financial assets measured at amortized cost; (ii) financial assets measured at fair value with the effects charged to other comprehensive income (hereinafter also FVTOCI); and (iii) financial assets measured at fair value with the effects charged to the income statement, because of:\u2022 the business model identified for the management of financial assets (so-called \u201cBusiness Model\u201d);\u2022 the characteristics relating to the contractual cash flows of the financial asset, i.e., whether the cash flows generated by the financial asset consist solely of principal payments and accrued interest on the amount of principal to be repaid. The Business Model for financial asset management determines whether cash flows will come from (i) the collection of cash under the contract, (ii) the sale of financial assets, or (iii) both.The test, aimed at determining whether the instrument generates cash flows representing solely payments of principal and interest (so-called \"Solely Payments of Principal and Interest\") and is referred to as the \"SPPI test\" and is performed at the individual instrument level.Financial assets \u2013 Subsequent measurementFinancial assets measured at amortised costFinancial assets at amortized cost mainly include trade receivables, other receivables, and financial receivables. Financial assets at amortized cost are held as part of a business model whose objective is to collect cash flows in accordance with contractual terms, represented exclusively by principal and interest on principal to be repaid at specific dates (so-called Hold To Collect business model).These assets, as indicated, are initially recognized at fair 8value, adjusted for transaction costs where appropriate, and subsequently measured at amortized cost using the effective interest rate.According to the amortised cost method the initial book value is then adjusted to account for repayments of principal, any impairments for credit losses and the amortisation of the difference between the repayment amount and the initial book value.Amortisation is carried out using the effective internal interest rate, which represents the rate that would make the present value of projected cash flows and the initial recognition value equal at the time of the initial recording.Financial assets valued at the amortised cost are presented in the statement of financial position net of the related 8 Except for trade receivables where, if they lack a significant financial component, they are initially recognized at transaction price (as defined in IFRS 15).provision for impairment losses.Transferred financial assets are derecognised from the balance sheet assets when the contractual rights to obtain the cash flows associated with the financial instrument expire, or all risks and rewards associated with the transferred receivable are transferred to a third party in accordance with the guidance on derecognition of financial assets set forth in IFRS 9.For financial assets measured at amortized cost, interest income determined on the basis of the effective interest rate, foreign exchange differences, and write-downs (including gains and losses from derecognition or modification of the asset) are recognized in the income statement.With specific reference to trade receivables, in order to measure Expected Credit Losses (\"ECLs\"), a valuation is made using the so-called \"simplified approach\" provided by IFRS 9, or - by virtue of the absence of a significant financial component - by estimating expected losses over the life of the receivable (\"lifetime ECLs\").The assessment of the recoverability of trade receivables is made on both an individual and collective basis depending on the type of counterparty and whether there is reasonable and demonstrable information available to make an assessment at the individual instrument level.The group applies a specific definition of default, determined by taking into account the characteristics of the operating segments to which the subsidiaries belong as well as the riskiness of the receivables and customers being assessed. Therefore, beyond the time limit of default, trade receivables are assumed to be impaired (i.e. credit-impaired).In particular, expected losses are generally determined on the basis of the product between: (i) the amount of exposure to the counterparty at the time of default (so-called 'Exposure At Default' or 'EAD');(ii) the probability that the counterparty will default on its payment obligations (so-called Probability of Default or PD); (iii) the estimate, in percentage terms, of the amount of credit that will not be recovered in the event of default (so-called Loss Given Default or LGD).With regard to the ECL parameters listed above, the group considers the following assumptions:(i) PD is determined according to the type of counterparty on the basis of:\u2022 qualified external providers (e.g. for listed companies);\u2022 regional ratings (e.g. for public administration) by leading rating agencies;\u2022 average default rate calculated for groups of customers broken down by common credit risk (so-called 'cluster') considering historical data over a period of at least 24 months; (ii) the LGD is obtained on the basis of market standards that assess the recovery rate of the exposure depending on the region and sector of the counterparty (e.g. corporate, government and retail);(iii) the EAD is determined to be equal to the face value of the claim at the valuation date, less any related mitigating factor, including any amounts pledged as collateral.In the case of credit exposures in litigation and where detailed information is available on the recoverability of the exposure, analytical assessments are performed in order to better reflect the actual riskiness of the position in the determination of expected losses. The exposures for which credit recovery actions have been activated through legal/court proceedings are defined as litigation.Impairments of trade receivables and other receivables are recognised in the income statement, net of any write-backs, under the item \u201cOther operating expenses\u201d.Financial assets, measured at fair value with effects recognized in other comprehensive income (FVTOCI) Credits and Debt InstrumentsIf present, financial assets representing loans and debt instruments whose business model envisages the possibility of both collecting the contractual cash flows and realizing their value through sale (so-called Hold to Collect and Sell, or Mixed, Business Model) are measured at fair value with the effects charged to OCI (so-called FVTOCI). Under this measurement criterion, interest income, calculated using the effective interest rate, exchange rate differences and impairment losses are recognized in the income statement; changes in the fair value of the instrument are recognized in equity, among other components of comprehensive income.When a financial asset is derecognized (e.g., upon sale), the cumulative amount of changes in fair value, up to that point recognized in OCI, are reclassified to the income statement.The rationale behind the determination of fair value is explained in Note No. 5.8 \"Significant Accounting Policies\" - \"Fair Value Measurement,\" respectively.Financial assets measured at fair value with effects charged to the income statementCredits and Debt InstrumentsThe category of financial assets measured at fair value through profit or loss (so-called FVTPL) includes:\u2022 financial assets with cash flows that are not represented exclusively by principal and interest payments, regardless of the business model (financial assets that do not pass the SPPI test);\u2022 financial assets held for trading because they are purchased or held primarily for the purpose of being sold (financial assets that pass SPPI test but held under a so-called Business Model Trading)\u2022 financial assets for which the entity voluntarily adopts the so-called Conditional Fair Value Option (these are financial assets that pass the SPPI Test and for which despite the Business Model being Hold to Collect or Mixed, the company decides to exercise the option granted by IFRS 9 that allows the financial asset to be valued at FVTPL).Where present, credits arising from invoice rebates to customers in the energy efficiency business (pertaining to so-called \"Ecobonus\" and \"Superbonus\") - and which are converted into tax credits - if held with the objective of realizing cash flows through sale (so-called \"Other\" Business Model) are measured at fair value with the effects charged to the income statement (so-called FVTPL).The rationale behind the determination of fair value is explained in Note No. 5.8 \"Significant Accounting Policies\" - \"Fair Value Measurement,\" respectively.Minority interestFinancial assets representing minority interests, which are not held for trading purposes, are measured at fair value alternatively with recognition of the effects: (i) in the income statement (so-called fair value measurement recognized in the income statement or FVTPL) or in the equity reserve that holds the other components of comprehensive income, without provision for their reclassification to the income statement in the event of realization (so-called fair value measurement recognized in the statement of comprehensive income or FVTOCI).This classification can be made on a security-by-security basis, only upon initial recognition, and is irrevocable.Dividends from such equity investments are recognized in the income statement under \"Income (expense) on equity investments,\" unless the dividend clearly represents a recovery of part of the cost of the investment; in which case the dividend is recognized as a direct reduction of the carrying amount of the equity investment. Valuation at cost of a minority investment is permitted in the limited cases where cost represents an adequate estimate of fair value.The rationale behind the determination of fair value is explained in Note No. 5.8 \"Significant Accounting Policies\" - \"Fair Value Measurement,\" respectively.Financial liabilitiesFinancial liabilities, unlike derivative instruments, including financial debt, trade payables and other payables, are initially recorded at fair value less any transaction- related costs; they are subsequently recognised at amortised cost using the effective interest rate for discounting purposes, as demonstrated in the previous point \"Financial assets valued at amortized cost\u201d.Financial liabilities are derecognized upon extinguishment or upon fulfilment, cancellation or maturity of the contractual obligation. Offsetting a financial asset and a financial liabilityFinancial assets and liabilities are offset in the statement of financial position when there is a currently legally enforceable right to set-off and the intention either to settle the relationship on a net basis (i.e. to realise the asset and settle the liability simultaneously). Derivative financial instruments and hedge accountingDerivative financial instruments, including embedded derivatives, are assets and liabilities recognised at fair value. Under the scope of the strategy and objectives defined for risk management, the qualification of transactions as hedging requires: (i) the verification of the existence of an economic relationship between the object hedged and the hedging instrument for the purpose of offsetting the changes in value and ensuring this offsetting capacity is not invalidated by the level of counterparty credit risk; (ii) the definition of a hedge ratio consistent with the risk management objectives, under the scope of the risk management strategy defined, where necessary activating the appropriate rebalancing actions. The amendments of the risk management objectives, the disappearance of the conditions indicated previously for the qualification of transactions as hedging or the activation of rebalancing operations cause the total or partial prospective discontinuation of the hedge.In order to qualify a transaction as a hedge, at the start of the hedge a formal document is prepared that illustrates the strategies and objectives of the risk management and identifies the hedging instrument, the instrument hedged, the nature of the risk hedged and the methods through which the evaluation of whether the hedge relationship satisfies the hedge effectiveness requirements takes place.When hedging derivatives hedge the risk of changes in the fair value of the hedged instruments (\u201cfair value hedge\u201d; e.g. hedge of the risk of fluctuations in the fair value of fixed-rate assets/liabilities), the derivatives are recognised at fair value with attribution of the effects on the income statement; by the same token, the hedged instruments are adjusted to reflect in the income statement the changes in fair value associated with the hedged risk, regardless of the provision of a different valuation criterion generally applicable to the instrument type.The group subscribes to derivative instruments to cover the risk of changes in cash flows (cash flow hedges) as a result of fluctuations in interest rate or exchange rates. Changes in the fair value of hedging derivatives considered effective are initially recognised in the shareholders\u2019 equity reserve relating to other components in the comprehensive income statement and are subsequently reclassified to profit or loss in line with the economic effects produced by the hedged transaction. In the case of hedging future transactions that involve the recording of a non-financial asset or liability, the cumulative variations of the fair value of the hedge derivatives, recognised in shareholders\u2019 equity, are recognised in the adjustment of the book value of the non- financial asset/liability subject to hedging (basis adjustment).The ineffective portion of the hedge and the changes in the fair value of derivatives that do not meet the qualifying conditions for hedging are recognised in the income statement. Treasury sharesTreasury shares, including those held to service share-based payment plans (share incentive plans), are measured at cost and entered as a reduction of shareholders\u2019 equity. The economic effects arising from any subsequent sales are recognised in shareholders\u2019 equity.Distribution of dividendsThe distribution of dividends to the Company\u2019s shareholders entails the recording of a payable in the financial statements for the period in which distribution was approved by the Company\u2019s shareholders or, in the case of interim dividends, by the Board of Directors.5.8 Fair value measurementThe fair value is the amount that may be received for the sale of an asset or that may be paid for the transfer of a liability in a regular transaction between market operators as at the valuation date (i.e. exit price).The fair value of an asset or liability is determined by adopting the valuations that market operators would use to determine the price of the asset or liability. A fair value measurement also assumes that the asset or liability would be traded on the main market or, failing that, on the most advantageous market to which the Company has access.The fair value of a non-financial asset is determined by considering the capacity of market operators to generate economic benefits by putting the asset to its maximum and best use or by selling it to another market participant capable of using it in such a way as to maximise its value. The maximum and best use of an asset is determined from the perspective of market operators, also hypothesising that the company intends to put it to a different use; the current use by the company of a non-financial asset is assumed to be the maximum and best use of this asset, unless the market or other factors suggest that a different use by market operators would maximise its value.The fair-value measurement of a financial or non-financial liability, or of an equity instrument, takes into account the quoted price for the transfer of an identical or similar liability or equity instrument; if this quoted price is not available, the valuation of a corresponding asset held by a market operator as at the valuation date is taken into account. The fair value of financial instruments considers the credit risk of the counterparty for financial assets (through a \u201cCredit Valuation Adjustment\u201d - CVA) and the entity\u2019s own risk of default for financial liabilities (through a \u201cDebit Valuation Adjustment\u201d - DVA).When determining fair value, a hierarchy is set out consisting of criteria based on the origin, type and quality of the information used in the calculation. This classification aims to establish a hierarchy in terms of the reliability of the fair value, giving precedence to the use of parameters that can be observed on the market and that reflect the assumptions that market participants would use when valuing the asset/liability. The fair value hierarchy includes the following levels:\u2022 level 1: listed prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;\u2022 level 2: inputs, other than the quoted prices included in Level 1, that can be directly or indirectly observed for the assets or liabilities to be valued;\u2022 level 3: inputs for assets or liabilities that are not based on observable market data.In the absence of available market quotations, the fair value is determined by using valuation techniques suitable for each individual case that maximise the use of significant observable inputs, whilst minimising the use of non-observable inputs.5.9 Provision for risks and charges, contingent liabilities and contingent assetsProvisions for risks and charges concern costs and charges of a certain nature which are certain or likely to be incurred, but for which the amount or date of occurrence cannot be determined at the end of the year.The provisions are recognised when: (i) the existence of a current legal or implied obligation arising from a past event is probable; (ii) it is probable that the fulfilment of the obligation will involve a cost; and (iii) the amount of the obligation can be reliably determined. Provisions are recorded at the value representing the best estimate of the amount that the Company would reasonably pay to fulfil the obligation or to transfer it to third parties at the end of the reporting period.Provisions related to contracts with valuable consideration are recorded at the lower of the cost necessary to fulfil the obligation, less the expected economic benefits arising from the contract, and the cost of terminating the contract.When the financial impact of time is significant, and the payment dates of the obligations can be reliably estimated, the provision is calculated by discounting the anticipated cash flows in consideration of the risks associated with the obligation at the Company\u2019s average debt rate; the increase in the provision due to the passing of time is posted to the income statement under \u201cFinancial income (expense)\u201d.When the liability is related to items of property, plant and equipment (e.g. decommissioning and site restoration), the provision is recognised as a counter-entry to the related asset, and posting to the income statement is accomplished through amortisation. The costs that the Company expects to incur to initiate restructuring programmes are recorded in the period in which the programme is formally defined, and the parties concerned have a valid expectation that the restructuring will take place.Provisions are periodically updated to reflect changes in cost estimates, selling periods and the discount rate; revisions in provision estimates are allocated to the same item of the income statement where the provision was previously reported or, when the liability is related to property, plant and equipment (e.g. site dismantling and restoration), as a contra-entry to the related asset, up to the book value; any surplus is posted to the income statement.The notes to the financial statements describe contingent liabilities represented by: (i) possible (but not probable) obligations resulting from past events, the existence of which will be confirmed only if one or more future uncertain events occur which are partially or fully outside the Company\u2019s control; and (ii) current obligations resulting from past events, the amount of which cannot be reliably estimated, or the fulfilment of which is not likely to involve costs.Contingent assets, or possible assets that result from past events and whose existence will only be confirmed when one or more uncertain future events, not totally under the control of the business, occur or do not occur, are not recognised unless obtaining the related benefits is virtually certain. If obtaining the benefits is probable, the contingent assets are illustrated in the notes to the financial statements.5.10 Non-current assets held for sale and discontinued operationsNon-current assets or disposal groups consisting of assets and liabilities are classified as held for sale if their book value will be recovered mainly by their sale rather than through continued use. This condition is regarded as fulfilled when the sale is highly probable and the asset or discontinued operations are available for immediate sale in their current condition. In the case of a programme for the sale of a subsidiary that results in loss of control, all assets and liabilities of that subsidiary are classified as held for sale, regardless of whether a non-controlling investment is maintained following the sale. Verification of compliance with the terms and conditions provided for classification of an item as held for sale requires management to make subjective valuations formulating reasonable and realistic assumptions based on the information available to it. Immediately prior to classification as held for sale, the assets and liabilities included in a disposal group are measured in accordance with the accounting standards applicable to them. Subsequently, non- current assets held for sale are not amortised or depreciated and are measured at the lower of book value and related fair value, less any sales costs (see paragraph 5.8 \u201cFair-value measurements\u201d above).The classification of investments accounted for using the equity method as held for sale implies the suspension of the application of this valuation criterion. Any negative difference between the book value of the non-current assets and their fair value less selling costs is posted to the income statement as an impairment loss; any subsequent recoveries in value are recognised up to the amount of the previously recognised impairment losses, including those recognised prior to the asset being classified as held for sale.Non-current assets and disposal group- related assets and liabilities held for sale are recognised in the statement of financial position separately from the group\u2019s other assets and liabilities.Non-current assets and disposal groups, classified as held for sale, constitute a discontinued operation if, alternatively: (i) they represent a significant autonomous business unit or a significant geographical area of operations; (ii) they are part of a plan to dispose of a significant autonomous business unit or a significant geographical area of operations; (iii) they relate to a subsidiary acquired exclusively to be sold. The economic results of discontinued operations, as well as any capital gains/losses realised on the disposal, are recorded separately in the Income Statement under a special item, net of related tax effects, including for the comparative periods.When events occur that no longer permit non-current assets or disposal groups to be classified as held for sale, they are reclassified to the respective items in the statement of financial position and recognised at the lower of the following: (i) the book value at the date of classification as held for sale; and (ii) the recoverable amount at the reclassification date.5.11 RevenueThe recognition of revenue from contracts with customers is based on the following five steps: (i) identification of the contract with the customer; (ii) identification of the performance obligation, represented by the contractual commitment to transfer goods and/or services to a customer; (iii) calculating of the transaction\u2019s price; (iv) allocating of the transaction price to the performance obligations identified based on the stand alone sales price of each of the goods or services; (v) measuring the revenue when the performance obligation is met, i.e. at the time of the transfer to the customer of the goods or services promised; the transfer is considered to be completed when the customer obtains control of the goods or service, which can take place over time or at a point in time.Revenues are measured for the amount equal to the fair value of the consideration which the business believes it has the right to in exchange for the goods and/or services promised to the customer, with the exception of amounts collected on behalf of third-parties. If there is a variable consideration, the business estimates the amount of the consideration it shall have the right to in exchange for the transfer of goods and/or services promised to the customer; specifically, the amount of the consideration can vary in the presence of discounts, incentives, concessions on the price, performance bonuses, penalties or if the actual price depends on certain future events taking place or not.Revenues from the Snam Group\u2019s ordinary operations mainly consist of services relating to the transportation, dispatching and storage of natural gas and the regasification of liquefied natural gas, which are recognised in the financial statements over the period in which the service is provided, whether the services are \u201cregulated\u201d or \u201cnon-regulated\u201d. The recognition of revenues for regulated services is conditioned and influenced by the regulatory framework defined by ARERA (Autorit\u00e0 di Regolazione per Energia Reti e Ambiente \u2013 Regulatory Authority for Energy Networks and the Environment). Therefore, the economic conditions of the services provided are defined through regulatory schemes and not on a negotiated basis. The revenue recognised in the income statement coincides with that recognised by the regulator (so-called \u201crevenue cap\u201d). As regards the transportation business segment, the difference between the revenue recognised by the regulator (so- called \u201crevenue cap\u201d) and that actually accrued is recorded, if positive, in the item of the statement of financial position \u201cTrade payables and other payables\u201d and, in the item \u201cTrade and other payables\u201d, as it will be subject to cash settlement with the Cassa per i Servizi Energetici e Ambientali (CSEA). In the Regasification and Storage segments any difference between the revenue recognised by the regulator and the accrued revenue is recognised in the balance sheet item \u201cTrade and other receivables\u201d, if positive, and in the item \u201cTrade payables and other payables\u201d, if negative, inasmuch as it will be subject to cash settlement with the Energy and Environmental Services Fund (CSEA).Non-regulated revenues mainly involve: (i) considerations for the construction of biogas and biomethane plants; (ii) technical- specialist services to unconsolidated foreign companies; (iii) the provision of services relating to energy efficiency projects; (iv) income from the rental and maintenance of fibre optic telecommunication cables; (v) the sale of CNG compressors for motor transport. The recognition of these revenues takes place over the service provision period.By virtue of the principle of neutrality defined by applicable regulations, transactions carried out on the balancing market generate neither costs nor revenue, as they are mere pass-through items. Any (positive or negative) differences from the usage of different prices for the transactions above will be neutralized by recognizing an asset or liability for CSEA, given that these differences are equalized by the latter. 5.12 Employee benefitsShort-term benefits for employeesShort-term benefits for employee are recognised as a cost at the time when the service is rendered. The Group recognises a liability, classified under \u201cTrade payables and other payables\u201d for the amount due to be paid when it has a current legal or constructive obligation to make such payments. Post-employment benefitsPost-employment benefits are defined according to programmes, including non- formalised programmes, which, depending on their characteristics, are classed as \u201cdefined-benefit\u201d or \u201cdefined-contribution\u201d plans.\u2022 Defined-benefit plansiThe liability associated with defined-benefit plans is determined by estimating the present value of the future benefits accrued by the employees during the current year and in previous years, and by calculating the fair value of any assets servicing the plan. The present value of the obligations is determined based on actuarial assumptions and is recognised on an accruals basis consistent with the employment period necessary to obtain the benefits.Actuarial gains and losses relating to defined-benefit plans arising from changes in actuarial assumptions or experience adjustments are recognised in the comprehensive income statement in the period in which they occurred,and are not subsequently recognised in the income statement. When a plan changed, reduced or extinguished, the relative effects are recognised in the income statement.Net financial expense represents the change that the net liability undergoes during the year due to the passing of time. Net interest is determined by applying to the liabilities, net of any plan assets, the discount rate used for the discounting used for the liabilities. The net financial expense of defined-benefit plans is recognised in \u201cFinance expense (income)\u201d.\u2022 Defined-contribution plansIn defined-contribution plans, the Company\u2019s obligation is calculated, limited to the payment of state contributions or to equity or a legally separate entity (fund), based on contributions due. The costs associated with defined-benefit contributions are recognised in the income statement as and when they are incurred.Other long-term benefitsObligations relating to other long-term benefits are calculated using actuarial assumptions; the effects arising from the amendments to the actuarial assumptions or the characteristics of the benefits are recognised entirely in the income statement. Benefits payable on termination of employmentThe benefits payable to employees for termination of employment are recognised as an expense when the Company is committed to offering the benefits and has no option to withdraw them, or, if earlier, when the company recorded restructuring costs. Share-based payments (Share-based incentive plan)Employee benefits, consistent with the essential nature of the remuneration that they comprise, include the cost of share-based incentive plans. The incentive cost is calculated with reference to the fair value of the instruments allocated and the forecast of the number of share that will effectively be allocated; the share pertaining to the financial year is calculated pro-rata temporis throughout the vesting period, or the period between the grant date and the allocation date. The fair value of the shares underlying the incentive plan is calculated at the grant date taking into account the forecasts with regard to reaching the performance parameters associated with market conditions and is not adjusted in future financial years; when obtaining the benefit is also connected to conditions other than market conditions, the estimate relating to these conditions is reflected by adjusting the number of shares during the vesting period that are expected to effectively be allocated.5.13 Accounting for environmental certificates - Emission trading systemsThe European Emission Trading System, established to manage and trade emission allowances, sets an upper limit for greenhouse gas emissions produced over the course of a year, for which a certain number of emission allowances are issued free of charge by the competent national authorities. Depending on the actual greenhouse gas emissions produced during the year, each company is entitled to sell or is obliged to buy emission allowances on the market.Allowances purchased for a consideration to offset emissions released into the atmosphere during the year are recognised in the income statement; any allowances purchased beyond what is necessary are recognised in \u201cOther current assets\u201d.Any allowances allocated free of charge and not used in the year of allocation are not recognised in the financial statements as they are used for the following year\u2019s requirements.If there is a deficit for emission allowances that have not been purchased on the market at the balance sheet date, the cost and corresponding liability are recognised at market value at the end of the financial year.5.14 Foreign currency transactionsThe criteria adopted by Snam to convert transactions in currencies other than the functional currency (the Euro) are summarised below:\u2022 revenue and costs relating to transactions in currencies other than the functional currency are recognised at the exchange rate in effect on the day when the transaction was carried out;\u2022 monetary assets and liabilities in currencies other than the functional currency are converted into Euro by applying the exchange rate in effect on the reporting date, allocating the effect to the income statement;\u2022 non-monetary assets and liabilities in currencies other than the functional currency which are valued at cost are recognised at the initially recorded exchange rate; when the measurement is made at fair value or recoverable or realisable value, the exchange rate used is the one in effect on the valuation date.5.15 Income taxesCurrent income taxes are calculated by estimating the taxable income. Tax payables and receivables for current taxes are recognised at the value of the current tax liability that are expected to be paid/recovered to/from the tax authorities by applying the tax rates and regulations in force or substantially approved at the end of the financial year. Regarding corporation tax (IRES), Snam has exercised the option to join the national tax consolidation scheme, to which all the consolidated companies have officially signed up, except for Mieci S.p.A., Evolve S.p.A. and T-lux S.r.l. The projected payable is recognised under \u201cCurrent tax liabilities\u201d.The regulations governing Snam Group companies\u2019 participation in the national tax consolidation scheme stipulates that:\u2022 subsidiaries with positive taxable income pay the amount due to Snam. The taxable income of the subsidiary, used to determine the tax, is adjusted to account for the recovery of negative components that would have been non-deductible without the consolidation scheme (e.g. interest expense), the so-called ACE (help for economic growth) effect and any negative taxable income relating to the subsidiary\u2019s equity investments in consolidated companies;\u2022 subsidiaries with negative taxable income, if and insofar as they have prospective profitability which, without the national tax consolidation scheme, would have enabled them to recognise deferred tax assets related to the negative taxable income on the separate financial statements, receive from their shareholders \u2013 in the event that these are companies with a positive taxable income or a negative taxable income with prospective profitability \u2013 or from Snam in other cases, compensation amounting to the lower of the tax saving realised by the Group and the aforementioned deferred tax assets.Regional production tax (IRAP) is recognised under the item \u201cCurrent tax liabilities\u201d/\u201cCurrent tax assets\u201d.Deferred taxes are calculated on the timing differences between the values of the assets and liabilities entered in the balance sheet and the corresponding values recognized for tax purposes, based on the prevailing tax regulations and rates applicable in financial years in which the temporary difference will be cancelled, approved or essentially approved at the end closing date of the reference year of the financial statements. Deferred tax assets are recognised when their recovery is considered probable; specifically, the recoverability of deferred tax assets is considered probable when taxable income is expected to be available in the period in which the temporary difference is cancelled, allowing the activation of the tax deduction. Similarly, unused tax credits and deferred tax assets on tax losses are recognised within the limits of their recoverability; with reference to deferred tax assets, their recoverability is verified at least annually.If there are uncertainties over the application of tax regulations: (i) in cases where it is deemed probable that the tax authorities will accept the uncertain tax treatment, the income taxes (current and/or deferred) to be recognised in the financial statements according to the tax treatment applied or which it is expected to apply during the tax return are calculated; (ii) in cases where it is not deemed probable that the tax authorities will accept the uncertain tax treatment, this uncertainty is reflected in calculating the (current and/or deferred) income taxes to be recognised in the financial statements.Deferred tax assets and deferred tax liabilities are classified under non-current assets and liabilities and are offset at individual company level if they refer to taxes which can be offset and/or at the level of the consolidating company in the presence of the taxation regime set out in the national consolidation scheme. The balance of the offsetting, if it results in an asset, is recognised under the item \u201cDeferred tax assets\u201d; if it results in a liability, it is recognised under the item \u201cDeferred tax liabilities\u201d. When the results of transactions are recognised directly in equity, current and deferred taxes are also posted to equity.5.16 Segment reporting (operating segments)Disclosure on business segments has been prepared pursuant to IFRS 8 \u2013 \u201cOperating Segments\u201d:consequently, the identification of the operating segments and the information presented are defined on the basis of the internal reporting used by the Company\u2019s management to allocate resources to the different segments and to analyse the respective performances.An operating segment is defined by IFRS 8 as the component of an entity that: (i) that engages in business activities from which it may earn revenue and incur expenses (including revenue and expenses relating to transactions with other components of the same entity); (ii) for which the operating results are regularly reviewed by the entity\u2019s most senior decision-makers for the purpose of making decisions about resources to be allocated to the segment and assessing its performance; and (iii) for which separate financial information is available.With reference to the financial year 2022, the business segments subject to reporting under IFRS 8 are: (i) the Transportation segment, relating to natural gas transportation activities; (ii) the Regasification segment, relating to Liquefied Natural Gas regasification activities; (iii) the Storage segment, relating to natural gas storage activities; (iv) the Energy transition segment, relating to energy efficiency, biogas/biomethane business and hydrogen start-up projects. The Mobility segment, together with the activities of Snam Global solution, do not constitute operating segments subject to separate reporting under IFRS 8. The relevant values are shown in the aggregate \"Other segments\". 6ASSUMPTIONS AND UNCERTAINTIES IN ESTIMATES The application of generally accepted accounting principles for the preparation of financial statements involves management making accounting estimates based on complex and/or subjective judgements, estimates based on past experience and assumptions regarded as reasonable and realistic on the basis of the information known at the time of the estimate. The use of these accounting estimates has an influence on the book value of the assets and liabilities and on the information about potential assets and liabilities at the reporting date, as well as the amount of revenue and costs in the reference period. The actual results may differ from the estimated results owing to the uncertainty that characterises the assumptions and the conditions on which the estimates are based. Details are given below about the critical accounting estimates involved in the process of preparing the financial statements and interim reports, since they involve a high degree of recourse to subjective judgements, assumptions and estimates regarding matters that are by nature uncertain. Any change in the conditions forming the basis of the judgements, assumptions and estimates used could have a significant impact on subsequent results.6.1 Impairment of non-financial assetsNon-financial assets are impaired when events or changes in circumstances give cause to believe that the book value is not recoverable. The events that can lead to an impairment of assets include changes in business plans, changes in market prices or reduced use of plants. The decision on whether to apply an impairment and the quantification of any such impairment depend on the Company\u2019s management assessment of complex and highly uncertain factors, such as future price trends, the impact of inflation and technological improvements on production costs, production profiles and conditions of supply and demand. The impairment is determined by comparing the book value with the related recoverable value, represented by the greater of the fair value, net of disposal costs, and the usage value, determined by discounting the expected cash flows deriving from the use of the asset, or represented by the RAB in the regulated business segments. The expected cash flows are quantified in the light of the information available at the time of the estimate, on the basis of subjective judgements regarding future trends in variables \u2013 such as prices, costs, the rate of growth of demand and production profiles \u2013 and are discounted using a rate that takes account of the risk inherent to the asset concerned. The rationale behind the impairment testing used by management in relation to property plant and machinery, intangible assets, goodwill and investments accounted for using the equity method are illustrated respectively in note 8 \u201c\u2018Property, plant and equipment\u2019\u201d, note 9 \u201c\u2018Intangible assets and goodwill\u201d and note 10 \u201cInvestments accounted for using the equity method\u201d.6.2 Impairment of financial assetsAt each reporting date, assessments are made of the recoverability of financial assets in order to determine the value of expected credit losses (ECL).In particular, the valuation of trade receivables is carried out using the simplified approach established by IFRS 9, which involves estimating the ECL over the life of the receivable. In these cases, the impairment is generally based on the expected credit loss model and is carried out through the use of both qualified external providers and by means of an analysis of observed historical data with respect to credit recoverability; analysis performed for homogeneous categories of counterparties. On the other hand, for certain categories of credits characterised by peculiar risk elements (e.g. litigation or credit recovery practices through legal/judicial proceedings), specific assessments are carried out on individual credit positions. The logic behind the expected credit loss model is explained in Note 5 \"Significant accounting standards\" - \"Non-derivative Financial Assets -Receivables and Debt securities\", respectively.6.3 Provisions for risks and charges Provision for decommissioning and site restorationThe Snam Group incurs significant liabilities associated with obligations to remove and dismantle plants or parts of plants. Estimating future dismantling and restoration costs is a complex process and requires the assessment and judgement of the Company\u2019s management in placing a value on the liabilities that will be incurred many years in the future for compliance with dismantling and restoration obligations, which often cannot be fully defined by laws, administrative regulations or contractual clauses. In addition, these obligations are affected by constant changes in technology and in dismantling and restoration costs, as well as the constant growth of political and public awareness regarding matters of health and protection of the environment.The criticality of estimates of dismantlement and restoration costs also depends on the accounting method used for these costs, for which the current value is initially capitalised together with the cost of the asset to which they relate, offset against the provision for risks and charges. Thereafter, the value of the provision for risks is updated to reflect the passing of time and any changes in the estimate as a result of changes in expected cash flows, the timing of their realisation and the discount rates applied.The calculation of the discount rate to be used both in the initial valuation of the cost and in subsequent valuations is the result of a complex process which involves subjective judgements on the part of the Company\u2019s management. Environmental liabilitiesThe Snam Group is subject, in relation to its activities, to numerous laws and regulations on environmental protection at European, national, regional and local level, including the laws which implement international conventions and protocols relating to the activities carried out. With reference to this legislation, when it is probable that the existence and amount of a large liability can be reliably estimated, provisions are made for the associated costs.The group does not currently believe that the financial statements will suffer particularly significant adverse effects due to non-compliance with environmental regulations, also considering actions already undertaken, but it cannot be ruled out with certainty that Snam may incur further, possibly significant, costs or liabilities, since current knowledge says it is impossible to predict the effects of future developments, taking into account also the following aspects: (i) the possible emergence of contamination; (ii) the outcome of the refurbishment in progress and to be followed and the other possible effects arising from the application of the laws in force; (iii) the possible effects of new laws and regulations for environmental protection; (iv) the effects of any technological innovations for environmental reclamation; (v) the possibility of disputes and the difficulty of determining the possible consequences, also in relation to the liability of other parties and to possible compensation payments.Provisions for legal and tax disputesThe estimation of the group\u2019s provisions for these purposes is the result of a complex process involving subjective judgements by Company management.6.4 Investments and business combinationsVerification of the existence of control, joint control, considerable influence over another entity as well as, in the case of joint operations, verification of the existence of enforceable rights and obligations requires Corporate Management to exercise professional judgement taking into consideration the characteristics of the corporate structure and agreements between the parties as well as other facts and circumstances that are relevant for the purpose of this check. Similar considerations also apply in cases of a planned change in status following a loss of control, joint control or connection with the possible need to activate the classification as \u201cassets held for sale/discontinued operation\u201d.The reporting of business combination transactions involves the allocation to the assets and liabilities of the acquired company of the difference between the acquisition cost and the net book value. For the majority of assets and liabilities, the attribution of the difference is carried out by recognising the assets and liabilities at their fair value. The unallocated portion, if positive, is recognised as goodwill; if negative, it is allocated to the income statement. In the allocation process, the Snam Group draws on the available information and, for the most significant business combinations, on external valuations.6.5 Employee benefitsDefined-benefit plans are valued on the basis of uncertain events and actuarial assumptions which include, inter alia, the discount rates, the expected returns on the assets servicing the plans (where they exist), the level of future remuneration, mortality rates, the retirement age and future trends in the healthcare expenses covered.The main assumptions used to quantify defined-benefit plans are determined as follows: (i) the discount and inflation rates representing the base rates at which the obligation to employees might actually be fulfilled are based on the rates which mature on high-quality bonds and on inflation expectations; (ii) the level of future remuneration is determined on the basis of elements such as inflation expectations, productivity, career advancement and seniority; (iii) the future cost of healthcare services is determined on the basis of elements such as present and past trends in healthcare costs, including assumptions regarding the inflationary growth of costs, and changes in the health of the participating employees; and (iv) the demographic assumptions reflect the best estimates of trends in variables such as mortality, turnover, invalidity and others in relation to the population of the participating employees.Differences in the value of net liabilities (assets) in employee benefit plans, arising due to changes in the actuarial assumptions used and the difference between the actuarial assumptions previously adopted and actual events, occur routinely and are called actuarial gains and losses. Actuarial gains and losses relating to defined-benefit plans are recognised in the comprehensive income statement. Actuarial assumptions are also used to determine obligations relating to other long-term benefits; to this end, the effects arising from changes to the actuarial assumptions or the characteristics of the benefit are fully recognised in the income statement.6.6 Fair valueCalculating the fair value of financial and non-financial instruments is a structured process featuring the use of complex evaluation methodologies and techniques that involve collecting up to date information from the reference markets and/or using internal input data.Similar to other estimates, calculating the fair value, albeit based on the best information available and on the adoption on adequate evaluation methodologies and techniques, it intrinsically features random elements and the exercising of professional judgement and could create forecasts with different values from those that will effectively be realised.6.7 Classification and measurement of investments made for development and maintenance of proprietary infrastructuresThe Snam Group makes significant investments for development and maintenance of its own infrastructures. Assessing the recoverability of the investments currently underway and the distinction of the costs as improvements, upgrades and transformations that increase the infrastructure and the expenses for ordinary maintenance and repairs which restore but do not increase the performance of the assets, includes valuation elements. These assessments are formulated on the basis of objective criteria that the Group has developed to facilitate an application consistent with its accounting policies.7ACCOUNTING STANDARDS PUBLISHED BY THE IASB BUT NOT YET ENTERED INTO FORCE New accounting standards or amendments to existing accounting standards issued by the IASB with an effective date after 31 December 2022 are set out below. The new accounting standards or amendments to current accounting standards shown below are divided between documents that have been approved and those that have not yet been approved by the European Commission.7.1 Accounting standards published by the IASB and approved by the European Commission but not yet entered into force \u2022 Regulation no. 2021/2036 issued by the European Commission on 19 November 2021 endorsed the regulatory provisions contained in IFRS 17 \u201cInsurance Contracts\u201d, issued by the IASB on 18 May 2017. The document applies to all insurance contracts and defines the principles of recognition, measurement, presentation and disclosure, replacing IFRS 4. The new standard requires a \u201cBuilding Block Approach\u201d (BBA) based on expected cash flow and the specification of a \u201crisk adjustment\u201d and of a Contractual Service Margin (CSM) which represents expected profit from insurance contract. This margin is reported in the income statement in the period in which the insurance cover is provided. Moreover, there are two alternative approaches in addition to the BBA which are the \u201cVariable Fee Approach\u201d (VFA) and the Premium Allocation Approach (PAA), applicable in specific cases. The standard also provides for a new method of presentation in the income statement, which presents the following separately: (i) \u201cinsurance revenues\u201d, (ii) \u201cinsurance service expenses\u201d and (iii) \u201cinsurance finance income or expenses\u201d. The provisions contained in IFRS 17 are effective from financial years starting on or after 1 January 2023, and the directors are evaluating the possible effects associated with its introduction; however, at the moment, it is reasonable to believe that the first application of these changes will not have a significant impact on the financial statements, also in light of the policy choices and exemptions allowed by the standard with reference to \u2018Insurance contracts issued to subsidiaries, associates and joint ventures\u2019.\u2022 Regulation No. 2022/357, issued by the European Commission on 2 March 2022, endorsed the regulatory provisions contained in the documents (i) \"Disclosure of Accounting Policies-Amendments to IAS 1 and IFRS Practice Statement 2\" and (ii) \"Definition of Accounting Estimates-Amendments to IAS 8\", amendments published by the IASB on 12 February 2021. The amendments are intended to improve the disclosure of accounting policies so as to provide more useful information to investors and other primary users of financial statements and to help companies distinguish changes in accounting estimates from changes in accounting policies. The amendments will apply from 1 January 2023. However, earlier application is permitted. \u2022 By Regulation no. 2022/1392, issued by the European Commission on 11 August 2022, the regulatory provisions were approved as contained in the document \"Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction\", amendment published by the IASB on 7 May 2021. The document clarifies how deferred taxes should be accounted for on certain transactions that may generate assets and liabilities of equal amounts, such as leases and decommissioning obligations. The amendments will apply from 1 January 2023.\u2022 By Regulation no. 2022/1491, issued by the European Commission on 08 September 2022, the regulatory provisions were approved as contained in the document (i)\"Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 - Comparative Information\", amendment published by the IASB on 9 December 2021. The amendment is a transition option relating to comparative information about financial assets presented at the date of initial application of IFRS 17. The amendment is intended to avoid temporary accounting mismatches between financial assets and liabilities of insurance contracts, and thus to improve the usefulness of comparative information for readers of financial statements. The amendments will apply from 1 January 2023, together with the application of IFRS 17. The Group is analysing the standards and interpretations indicated, where applicable, in order to assess the effects of their application on the financial statements. However, the directors do not expect a significant effect on the Group's consolidated financial statements resulting from their adoption.7.2 Accounting standards and interpretations published by the IASB and not yet approved by the European CommissionAt the date of this document, the competent bodies of the European Union have not yet completed the approval process necessary for the adoption of the amendments described below.\u2022 On 22 September 2022, the IASB published an amendment called \"Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback\". The document aims to clarify how subsequent valuations by an entity in the context of a sale and leaseback transaction should take place. The amendments shall enter into force as of 1 January 2024, subject to any subsequent postponements determined in the course of approval by the European Commission, earlier application is however permitted.\u2022 On 23 January 2020, the IASB published \"Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current\" and on 31 October 2022 published an amendment entitled \"Amendments to IAS 1 Presentation of Financial Statements: Non-Current Liabilities with Covenants\". The documents aim to clarify how to classify payables and other short-term or long-term liabilities. The amendments shall enter into force as of 1 January 2024, subject to any subsequent postponements determined in the course of approval by the European Commission, earlier application is however permitted. The Group is currently evaluating the possible effects deriving from the introduction of the amendments indicated.",
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"s8_notes__5__20": {
"value": "5SIGNIFICANT ACCOUNTING STANDARDS The most significant measurement criteria adopted when preparing the consolidated financial statements are described below.5.1 Consolidation CriteriaSubsidiaries, joint ventures, associates and other significant equity investments are indicated separately in the appendix \u201cEquity investments of Snam S.p.A. as at 31 December 2022\u201d, which is an integral part of these notes. The same annex shows the changes in the scope of consolidation at 31 December 2022 compared to 31 December 2021. For further details on the acquisition of controlling interests, for which the conditions for the application of IFRS 3 exist, please refer to the section \u201cBusiness combinations\u201d. All the financial statements of the companies included in the scope of consolidation are expressed in euro, adjusted, where necessary, to make them consistent with the accounting principles applied by the Parent Company.",
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"s8_notes__5__21": {
"value": "Fully consolidated subsidiariesThe Group defines another entity as a subsidiary when it:\u2022 has the power to make decisions concerning the investee entity;\u2022 is entitled to receive a share of or is exposed to the variable profits and losses of the investee entity;\u2022 is able to exercise power over the investee entity in such a way as to affect the amount of its economic returns.Figures relating to subsidiaries are included in the consolidated financial statements, based on standardised accounting principles, from the date on which the Company assumes direct or indirect control over them until the date on which said control ceases to exist. The assets, liabilities, income and expenses of consolidated companies are fully incorporated line-by-line in the consolidated financial statements (full consolidation method). Unrealised gains from transactions between consolidated companies are derecognised, as are receivables, payables, income, expenses, guarantees, commitments and risks between consolidated companies. The portion pertaining to the Group of unrealised gains with companies valued using the equity method is derecognised. In both cases, intragroup losses are not derecognised because they are considered to represent the impairment loss on the transferred asset.Changes in equity investments held directly or indirectly by the Company in subsidiaries that do not result in a change in the qualification of the investment as a subsidiary are recorded directly in equity as transactions with shareholders. The book value of the equity attributable to Parent company shareholders and non-controlling interests are adjusted to reflect the change in the equity investment ownership. The difference between the book value of minority interests and the fair value of the consideration paid or received is recorded directly under equity attributable to Parent company shareholders.Otherwise, the selling of interests entailing loss of control requires the posting to the income statement of: (i) any capital gains or losses calculated as the difference between the consideration received and the corresponding portion of shareholders\u2019 equity transferred; (ii) the effect of the alignment to the fair value of any residual equity investment maintained; (iii) any amounts posted to other components in the comprehensive income statement relating to the former subsidiary that will be reclassified to the income statement. The fair value of any equity investment maintained at the date of loss of control represents the new reference value for the successive valuation of the equity investment according to the applicable valuation criteria.",
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"value": "Associates and joint ventures accounted for using the equity methodAn associate is an investee in which the Group has significant influence, i.e., the power to participate in determining the financial and operating policies of the associate company, without, however, having control or 2joint control over it. It is assumed that the investor has significant influence (unless there is proof to the contrary) which is presumed to exist when the investment held is at least 20% of the exercisable voting rights.A joint venture is a joint arrangement in which the parties that hold joint control have rights to the net assets subject to the arrangement and, therefore, have an interest in the jointly controlled corporate vehicle.Equity investments in associates and joint ventures are measured using the equity method, whereby the investments are initially recognised at cost and subsequently adjusted to take account of:(i) the investor\u2019s share in the economic results of the investee after the acquisition date;(ii) the investor\u2019s share of the other components in the comprehensive income statement of the investee.Dividends distributed by the investee are recognised net of the book value of the equity investment. For the purposes of applying the equity method, the adjustments provided for the consolidation process are taken into account (see also the previous point on fully consolidated subsidiaries).The sale of investment that results in loss of joint control or significant influence over the investee determines the recognition of the following in the income statement: (i) any capital gains or losses calculated as the difference between the consideration received and the corresponding fraction of the book value of the investment sold; (ii) the effect of the alignment to the fair value of any residual equity investment maintained; (iii) any amounts posted to other components in the comprehensive income statement relating to the investee entity that will be reclassified to the income statement. The value of any equity investment maintained, aligned with the relative fair value at the date of loss of joint control or significant influence, represents the new reference value for the successive valuation according to the applicable valuation criteria. If there is objective evidence of impairment, the Group performs an impairment assessment by comparing the book value with the related recoverable amount and recognises the difference in the income statement under \u201cShare of profit or loss of investments accounted for using the equity method\u201d. If the Group\u2019s share of the loss exceeds the book value of the investment, the latter is written 2 Joint control is the contractual sharing of control pursuant to an agreement, which exists only where the unanimous consent of all the parties that share power is required for decisions relating to significant activities.off and any excess is recognised in a specific provision, if the investor is obliged to meet the legal or constructive obligations of the investee or otherwise cover its losses. When the reasons for the impairment losses no longer apply, equity investments are revalued up to the amount of the impairment losses entered, with the effect posted to the income statement under the above item.The parent company\u2019s share of any losses of the investee company, greater than the investment\u2019s book value, is recognised in a special provision to the extent that the parent company is committed to fulfilling its legal or implied obligations to the investee, or, in any event, to covering its losses.",
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"s8_notes__5__23": {
"value": "Business combinationsBusiness combinations are transactions with which the group acquires control of a business. To determine whether a particular set of acquired assets and activities meets the definition of a \u201cbusiness\u201d, the Group examines whether that set comprises, at least, a production factor and a substantial process and whether it has the ability to generate production. Business combinations are accounted for by applying the acquisition method, whereby the consideration transferred at the date of acquisition of control is equal to the fair value of the assets transferred, the liabilities incurred or taken on, and any equity instruments issued. The consideration transferred also includes the current value of any deferred fixed payments and the fair value of any contingent considerations (e.g earn-outs). If the contingent consideration meets the definition of an equity instrument, it is classified as shareholders\u2019 equity and is not measured thereafter. Other contingent considerations are recognised as a liabilities and are measured at fair value at each financial year-end; changes in fair value are recognised in the income statement.Costs directly attributable to the transaction, other than those related to the issue of debt or equity instruments, are recognised in the income statement when they are incurred.The shareholders\u2019 equity of these associate companies is determined by attributing to each asset and liability its fair value at the date of acquisition of control. If positive, any difference from the consideration transferred is posted to the asset item \u201cGoodwill\u201d; if negative, it is posted instead to the income statement.Where total control is not acquired, the share of equity attributable to minority interests is determined based on the share of the current values attributed to assets and liabilities at the date of acquisition of control, net of any goodwill (the \u201cpartial goodwill method\u201d). Alternatively, the full amount of the goodwill generated by the acquisition is recognised, therefore also taking into account the portion attributable to minority interests (the \u201cfull goodwill method\u201d). In this case, non-controlling interests are expressed at their total fair value, including the attributable share of goodwill. The choice of how to determine goodwill (Partial goodwill method or full goodwill method) is based on each individual business combination transaction.If control is assumed in successive stages, the consideration transferred is determined by adding together the fair value of the equity investment previously held in the acquired company and the amount paid to acquire the additional equity investment. The difference between the fair value of the previously held equity investment (redetermined at the time of acquisition of control) and the relative book value is posted to the income statement. Upon acquisition of control, any components previously recognised under other components in the comprehensive income statement are posted to the income statement or to another item of shareholders\u2019 equity, if no provisions are made for classification in the income statement.When the values of the assets and liabilities of the acquired entity are determined provisionally in the financial year in which the business combination is concluded, the figures recorded are adjusted, with retroactive effect, no later than 12 months after the acquisition date, to take into account new information about facts and circumstances in existence at the acquisition date.Business combinations involving entities under joint controlBusiness combinations involving companies that are definitively controlled by the same company or companies before and after the transaction, and where such control is not temporary, are classed as \u201cBusiness combinations of entities under common control\u201d, whose accounting is not specifically disclosed in IFRSs. In the absence of a reference accounting standard, the selection of an accounting standard for such transactions, for which a significant influence on future cash flows cannot be established, is guided by the principle of prudence, which leads to the application of the criterion of continuity of values of the net assets acquired. The assets are measured at the book values from the financial statements of the companies being acquired (or the vendor company) before the transaction or, alternatively, at the values from the consolidated financial statements of the common ultimate parent.With regard to the sale of business, the treatment of the difference between the contractually defined consideration and the carrying amounts of the transferred business is differentiated depending on the entities involved in the transfer.With regard to contributions involving businesses under common control, on the other hand, irrespective of the pre-existing investment relationship, the transferee entity recognises the transferred business at its historical carrying value, increasing its own equity by an equal amount; the transferring entity shall recognise the investment in the transferee entity at an amount equal to the increase in the latter\u2019s shareholders\u2019 equity. This accounting treatment refers to the proposal by Assirevi in the Preliminary Guidelines on IFRS (OPI No. 1 Revised) - \u201cAccounting treatment of business combinations of entities under common control in the separate and consolidated financial statements\u201d issued in October 2016. Accounting treatment of put options written on the shares of subsidiariesTherefore, if the Group does not have the unconditional right to avoid delivery of cash or other financial instruments when a put option on shares in subsidiaries is exercised, a financial liability equal to the current value of the option exercise price is recognised and subsequent changes in the financial liability are recognised in the income statement. The same accounting treatment is applicable when, in addition to a put option, there is also the simultaneous presence of a symmetrical call option, the so-called \u201csymmetrical put and call options related to non-controlling interest\u201d.Snam considers that shares subject to put options (or symmetrical put and call options) have already been acquired by the Group, in cases where the economic benefits and risks associated with the actual ownership of the shares do not remain with the minority shareholders; therefore, in such circumstances, it does not recognise minority interests in the consolidated financial statements.",
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"s8_notes__5__24": {
"value": "5.2 Property, plant and equipment Recognition and measurement of property assetsProperty, plant and equipment are measured at cost, less accumulated depreciation and impairment losses. When a significant period of time is needed before the asset is ready for use, financial expenses incurred during the asset preparation period are also capitalised in the cost of the asset.If there are current obligations for dismantling and removal the assets and restore the sites, the book value includes the estimated (discounted) costs to be incurred at the time that the structures are abandoned, recognised as a contra-entry to a specific provision. The accounting treatment for revisions in these cost estimates, the passage of time and the discount rate are indicated in the Note 5.9 \u201cProvisions for risks and charges, contingent liabilities and contingent assets\u201d.Subsequent costs of improvements, upgrades and transformations to/ of property, plant and equipment are capitalised when it is likely that they will increase the future economic benefits expected. Costs are also capitalised when related to items purchased for security or environmental reasons which, although not directly improving the future economic benefits of existing assets, are necessary to carry out the company\u2019s operations.Property, plant and equipment includes: (i) with regard to natural gas transportation, the value relating to the quantities of natural gas injected to bring natural gas pipelines into service. The valuation is carried out using the weighted average purchase price method. Specifically, the component of this quantity that can no longer be extracted (the \u201cinitial line pack\u201d) is depreciated over the useful life of the plant to which it refers. On the contrary, the commercial component, which is eventually transferable to the market or can be put to alternative uses (the so-called \u201cOperating line pack\u201d), is not subject to depreciation, since by its nature it cannot depreciate; (ii) in the context of natural gas storage, the part of the gas injected into the storage wells as cushion gas.",
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},
"s8_notes__5__25": {
"value": "Recognition and measurement of leased assetsA contract is or contains a lease if it gives an entity the right to control the use of an identified asset for a certain period of time in exchange for a fee. For all leases that run for more than 12 months, relating to non- low value 3assets, the following elements are recognised in the balance sheet at the effective date, i.e. when the asset is available for use:(i) an asset, under Property, plant and equipment, representing the right to use the asset, and (ii) a financial liability, representing the obligation to make 3 The Group considers low-value assets to be all assets worth 25 thousand euros or less. the payments under the contract (also referred to as the \u201clease liability\u201d). In determining the duration of the lease, the group considers the non-cancellable period of the contract and, when it believes there is reasonable certainty, also the additional periods for the exercise of renewal options or the non-exercise of early termination options provided in the contract.Liabilities for leases are recognised initially at an amount equal to the current value of the following lease payments not yet made at the lease commencement date: (i) fixed (or substantially fixed) payments, net of any incentives to be received; (ii) variable payments that depend on trends in rates or indices;(iii) estimated future payments for any residual value guarantees, for the exercise of the purchase option and for any penalties related to the early termination of the contract, if the group considers the exercise of such options to be reasonably certain.The current value of the payments is calculated using a discount rate equal to the group\u2019s marginal borrowing rate taking into account the frequency and duration of payments under the lease agreement.Subsequent to initial recognition, the lease liability is measured at amortised cost and is redetermined, against the book value of the right-of-use asset, when there is a change in the lease payments due as a result of: (i) contract renegotiations;(ii) changes in rates or indices; (iii) changes in measurement made regarding the exercise of contractually-provided options (e.g. purchase of the leased asset or the extension or early termination of the contract).The right-of-use asset is initially recognised at cost, determined as the sum of the following components: (i) the initial amount of the finance lease liability; (ii) the initial direct costs incurred by the lessee; (iii) any payments made on or before the lease commencement date, net of any incentives received by the lessor; (iv) the best estimate of the costs that the group expects to incur for the dismantling and removal of the asset and for the possible restoration of the site (i.e. the costs for restoring the asset to the conditions established in the contract). After the initial recognition, the right-of-use asset is adjusted to take account of:(i) depreciation and amortisation expense;(ii) the related effects and any restatements of the financial lease liability; (ii) the related effects and any restatements of the financial lease liability.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__26-1": {
"value": "Depreciation of property, plant and equipment Starting when the asset is available and ready for use, owned and leased property, plant and equipment is systematically depreciated on a straight-line basis over its useful life, defined as the period of time in which it is expected that the company may use the asset. The amount to be depreciated is the book value, reduced by the projected net realisable value at the end of the asset\u2019s useful life, if this is significant and can be reasonably determined.The table below shows the annual depreciation rates used for the year in question, broken down into homogeneous categories, 4together with the relevant period of application:Annual economic-technical depreciation rate (%) Land not depreciatedBuildings 2Plant and machinery \u2013 Transportation- Methane pipelines 2 or higher depending on the residual useful life- Compression stations 5 or higher depending on the residual useful life- Gas reduction and regulation plants 5 or higher depending on the residual useful life- Radio links 25-Monitoring and control instruments and systems 5 or higher depending on the residual useful lifePlant and machinery \u2013 Storage- Pipelines 2- Treatment plants 4- Compression stations 5- Storage wells 1.66-Monitoring and control instruments and systems 5Plant and machinery \u2013 regasification- Regasification plants 4 or higher depending on the residual useful life- Tanks and oil pipelines 4 or higher depending on the residual useful lifePlant and machinery - Biogas/Biomethane- Biogas/biomethane plants 6.7 or depending on the duration of the concessionOther assetsCentralised IT infrastructures 20Other plant and equipment 2.5-12.5Measuring equipment 5Industrial and Commercial Equipment 10-35Other assets 10-33Rights of use for leased assets < between economic-technical life and contract durationWhen an item recorded under property, plant and equipment consists of several significant components with different useful lives, a component approach is adopted, whereby each individual component depreciates separately.4 The application rate or internal could be higher depending on the residual life following business combination acquisitions and/or transactions.Amortisation of intangible assets with finite useful life Intangible assets with a finite useful life are amortised systematically over their useful life, which is understood to be the period of time in which it is expected that the company may use the asset.The table below shows the annual depreciation rates used for the year in question, broken down into homogeneous categories, together with the relevant period of application:Annual economic-technical depreciation rate (%) Storage concessions non-amortised: residual value greater than book valueInformation systems 20-33Other intangible fixed assets 20 or based on the duration of the contract",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__27": {
"value": "5.3 Intangible assets and goodwillRecognition and measurement of intangible assets and goodwillIntangible assets are those non monetary assets without identifiable physical form, are controlled by the group and are capable of generating future economic benefits. They are recognised at cost net of amortisation and any accumulated impairment losses.Goodwill arising from the acquisition of subsidiaries is measured at cost less impairment losses cumulated.Technical development costs are capitalised as intangible assets when: (i) the cost attributable to the intangible asset can be reliably determined; (ii) there is the intent, availability of financial resources and technical capability to make the asset available for use or sale; and (iii) it can be shown that the asset is capable of producing future economic benefits.Alternatively, costs for the acquisition of new knowledge or discoveries, investigations into products or alternative processes, new techniques or models, or the design and construction of prototypes, or incurred for other scientific research or technological developments, which do not meet the conditions for capitalisation are considered current costs and charged to the income statement for the period in which they are incurred.The book value of the storage concessions represents the reserves of natural gas in the fields (so-called cushion gas), which does undergo depreciation, because: (i) the volume of this gas is not changed by the storage activity; (ii) the economic value of the gas that can be recovered at the end of the concession, in accordance with the provisions of the Ministerial Decree of 3 November 2005 \u201cCriteria for determining an adequate consideration for the remuneration of assets allocated to a concessionaire for the storage of natural gas\u201d of the Ministry of Productive Activities (MAP), is not less than the value recorded in the financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__29": {
"value": "5.4 Public and private grantsCapital grants given by public authorities are recognised when there is reasonable certainty that the conditions imposed by the granting government agencies for their allocation will be met, and they are recognised as a reduction to the purchase or production cost of their related assets. Similarly, capital grants received from private entities are recognised in accordance with the same regulatory provisions.Operating grants are recognised in the income statement on an accruals basis, consistent with the relative costs incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__30": {
"value": "5.5 Impairment of non-financial assets Impairment of tangible and intangible assets with finite useful lifeAt least once a year, non-financial, tangible and intangible assets with a finite useful life are analysed to uncover any indicators of impairment. When there are indications that an impairment loss may exist or when events occur leading to the assumption of impairment of property, plant and equipment or intangible assets with a finite useful life, their recoverability is tested by comparing the book value with the related recoverable value, which is the fair value, net of disposal costs(see paragraph 5.8 \u201cMeasurement at fair value\u201d), or the value in use, whichever is greater.The recoverable amount, in the value in use configuration, is determined by discounting projected cash flows resulting from the use of the asset and, if they are significant and can be reasonably determined, from its sale at the end of its useful life, net of any disposal costs.With reference to the Transportation (Snam Rete Gas), Regasification (LNG) and Storage (Stogit) CGUs, the recoverable value was defined as corresponding to the estimated value of the Net Invested Capital recognised to these assets for tariff 5purposes (RAB - Regulatory Asset Base) by the Regulatory Authority for Energy, Networks and the Environment (ARERA), net of the flat-rate components, of the Employee Severance Indemnity (TFR) and of the contributions received.The measurement is made on a per-asset basis or for the smallest identifiable set of assets that, through its own continuous use, generates cash inflows that are largely independent of those of other assets or groups of assets (Cash Generating Units - CGUs). Expected cash flows are determined on the basis of reasonable and documentable assumptions representative of the best estimate of the future economic conditions of the asset or groups of assets, giving greater importance to indications from the outside. Discounting is done at a rate reflecting current market conditions for the time value of money and specific risks of the asset not reflected in the estimated cash flows. If the book value of the asset or CGU is greater than its recoverable amount, an impairment loss is recognised in the income statement; a CGU\u2019s impairment losses are first recognised as a reduction in the book value of any goodwill (see next point \u201cImpairment of goodwill and intangible assets not yet available for use\u201d) allocated to it and then as a reduction in the book value of the other assets of the CGU, in proportion to their respective carrying amounts. The book value of each Cash Generating Unit (or grouping of CGUs), consistently with the prevailing valuation practice, is equal to the respective Net Invested Capital recorded at the level of Snam\u2019s consolidated financial statements at the reference date for carrying out the impairment test.If the conditions for a previously effected impairment no longer apply, the book value of the asset (except for goodwill) is restored with recognition in the income statement (recovery of value), within the limits of the net book value that the asset in question would have had if the impairment had not been carried out and any related amortisation had been carried out. If certain specific assets held by the Group are affected by unfavourable operating or economic conditions that may compromise their ability to contribute to the realisation of cash flows, they may be subject to an independent recoverability analysis and impaired, if necessary. Impairment of goodwill, intangible assets with an indefinite useful life and intangible assets not yet available for use.The recoverability of the book value of goodwill, of intangible assets with an indefinite useful life and intangible assets not yet available for use is tested at least annually, and in any case when events occur leading to an assumption of impairment.Pursuant to the provisions of IFRS 3, in the context of business combinations, the acquirer, at the acquisition date, recognises all assets, liabilities and identifiable contingent liabilities under the acquisition at their fair values; any remaining positive difference with respect to the acquisition cost is recognized in the asset item Goodwill, and any negative difference is recognised in the income statement.5 The RAB is the reference basis for the determination of the service tariffs and, therefore, of the cash flows generated by the activities. The value of the RAB is defined through the historical cost method revalued as regards the Fixed capital, and on a flat rate basis for the working capital, the employee severance indemnity and, with reference to the storage segment, the provision for decommissioning and site restoration.For the purpose of the impairment test, goodwill is allocated, as from the date of acquisition, to each Cash Generating Unit, or group of CGUs, that is expected to benefit from the synergies of the combination. After its initial recognition, goodwill is not amortised but is instead subject to a recoverability test at least annually by determining the recoverable value of the CGU or group of CGUs to which it is allocated (following the procedures described in the note \u201cImpairment of tangible and intangible assets of finite useful life\u201d); this is then compared to the book value of the CGU itself (or group of CGUs). The book value of each Cash Generating Unit (or grouping of CGUs), consistently with the prevailing valuation practice, is equal to the respective Net Invested Capital recorded at the level of Snam\u2019s consolidated financial statements at the reference date for carrying out the impairment test.When the book value of the CGU (or group of CGUs), including the goodwill attributed to it, exceeds the recoverable value, the difference is subject to impairment, which is attributed by priority to the goodwill up to its amount; any surplus in the impairment with respect to the goodwill is attributed pro rata to the book value of the assets constituting the CGU (or group of CGUs). Goodwill write-downs are not reversed, even if the reasons for the write- down no longer apply in subsequent years. Reduction in value of Equity investmentsWhen there are indications that an impairment loss may exist or when events occur leading to the assumption of impairment of investments, their recoverability is tested by comparing the book value with the related recoverable value, which is the fair value, net of disposal costs (see paragraph 5.8 \u201cMeasurement at fair value\u201d), and the value in use, determined through the application of the 6Dividend Discount Model (DDM) or Discounted Cash Flow(DCF) method, (the present value of the expected cash flows is determined in accordance with the provisions of the previous paragraph \u201cImpairment of tangible and intangible assets with a finite useful life\u201d). The application of the Dividend Discount Model (DDM) provides that the recoverable value, in the configuration of the value in use, is determined by discounting the expected dividend flows on the basis of the forecast plans of the investee companies drawn up according to reasonable and documentable assumptions, discounted at the cost of the capital (Ke) which includes any specific risks not reflected in the estimated cash flows.6 If the Discounted Cash Flow (DCF) method is used, the results are adjusted for the respective net financial positions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__31": {
"value": "5.6 InventoriesInventories, including compulsory inventories, are recorded at the lower of purchase or production cost and net realizable value, which is the amount that the entity expects to receive from their sale in the normal course of business, net of the estimated costs for the completion and the realisation of the sale.The cost of natural gas inventories is determined using the weighted average cost method.It should be noted that any transactions involving strategic gas, which are subject to prior authorisation by the MED, entail a withdrawal and subsequent replenishment of the quantities of gas from the strategic reserve, not resulting in 7any movement of the stock. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__32": {
"value": "5.7 Financial instrumentsFinancial instruments are defined as any contract that gives rise to a financial asset, financial liability or equity instrument, which are recognized and measured in accordance with IAS 32 \"Financial Instruments: Presentation\" and IFRS 9 \"Financial Instruments.\" Financial instruments include, cash and cash equivalents, short-term and long-term financial receivables and payables, trade receivables and payables, bonds held and issued, equity investments that do not constitute control, associates or joint control (so-called minority interests) and derivative instruments.Cash and cash equivalentsCash and cash equivalents include cash amounts, on demand deposits, and other short-term financial assets with a term of less than three months, which are readily convertible into cash and for which the risk of a change in value is negligible. They are recorded at nominal value, corresponding to fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__33": {
"value": "Financial assets - Initial recognitionA financial asset (or financial liability) is recognized in the financial statements when, and only when, the Group becomes a party to the contractual terms of the instrument (i.e., at the trade date).Initial recognition is at fair value, increased, for financial assets other than those measured at fair value with the effects charged to the income statement, by directly attributable transaction costs. For trade receivables without a significant financial component, the initial recognition value of which is the transaction price (as defined by IFRS 15).7 Or the risk, the timing or the amount of the future cash flows of the entity are not intended to change following these transactions (IFRS 15.9d)At initial recognition, financial assets are classified into the following categories: (i) financial assets measured at amortized cost; (ii) financial assets measured at fair value with the effects charged to other comprehensive income (hereinafter also FVTOCI); and (iii) financial assets measured at fair value with the effects charged to the income statement, because of:\u2022 the business model identified for the management of financial assets (so-called \u201cBusiness Model\u201d);\u2022 the characteristics relating to the contractual cash flows of the financial asset, i.e., whether the cash flows generated by the financial asset consist solely of principal payments and accrued interest on the amount of principal to be repaid. The Business Model for financial asset management determines whether cash flows will come from (i) the collection of cash under the contract, (ii) the sale of financial assets, or (iii) both.The test, aimed at determining whether the instrument generates cash flows representing solely payments of principal and interest (so-called \"Solely Payments of Principal and Interest\") and is referred to as the \"SPPI test\" and is performed at the individual instrument level.Financial assets \u2013 Subsequent measurementFinancial assets measured at amortised costFinancial assets at amortized cost mainly include trade receivables, other receivables, and financial receivables. Financial assets at amortized cost are held as part of a business model whose objective is to collect cash flows in accordance with contractual terms, represented exclusively by principal and interest on principal to be repaid at specific dates (so-called Hold To Collect business model).These assets, as indicated, are initially recognized at fair 8value, adjusted for transaction costs where appropriate, and subsequently measured at amortized cost using the effective interest rate.According to the amortised cost method the initial book value is then adjusted to account for repayments of principal, any impairments for credit losses and the amortisation of the difference between the repayment amount and the initial book value.Amortisation is carried out using the effective internal interest rate, which represents the rate that would make the present value of projected cash flows and the initial recognition value equal at the time of the initial recording.Financial assets valued at the amortised cost are presented in the statement of financial position net of the related 8 Except for trade receivables where, if they lack a significant financial component, they are initially recognized at transaction price (as defined in IFRS 15).provision for impairment losses.Transferred financial assets are derecognised from the balance sheet assets when the contractual rights to obtain the cash flows associated with the financial instrument expire, or all risks and rewards associated with the transferred receivable are transferred to a third party in accordance with the guidance on derecognition of financial assets set forth in IFRS 9.For financial assets measured at amortized cost, interest income determined on the basis of the effective interest rate, foreign exchange differences, and write-downs (including gains and losses from derecognition or modification of the asset) are recognized in the income statement.With specific reference to trade receivables, in order to measure Expected Credit Losses (\"ECLs\"), a valuation is made using the so-called \"simplified approach\" provided by IFRS 9, or - by virtue of the absence of a significant financial component - by estimating expected losses over the life of the receivable (\"lifetime ECLs\").The assessment of the recoverability of trade receivables is made on both an individual and collective basis depending on the type of counterparty and whether there is reasonable and demonstrable information available to make an assessment at the individual instrument level.The group applies a specific definition of default, determined by taking into account the characteristics of the operating segments to which the subsidiaries belong as well as the riskiness of the receivables and customers being assessed. Therefore, beyond the time limit of default, trade receivables are assumed to be impaired (i.e. credit-impaired).In particular, expected losses are generally determined on the basis of the product between: (i) the amount of exposure to the counterparty at the time of default (so-called 'Exposure At Default' or 'EAD');(ii) the probability that the counterparty will default on its payment obligations (so-called Probability of Default or PD); (iii) the estimate, in percentage terms, of the amount of credit that will not be recovered in the event of default (so-called Loss Given Default or LGD).With regard to the ECL parameters listed above, the group considers the following assumptions:(i) PD is determined according to the type of counterparty on the basis of:\u2022 qualified external providers (e.g. for listed companies);\u2022 regional ratings (e.g. for public administration) by leading rating agencies;\u2022 average default rate calculated for groups of customers broken down by common credit risk (so-called 'cluster') considering historical data over a period of at least 24 months; (ii) the LGD is obtained on the basis of market standards that assess the recovery rate of the exposure depending on the region and sector of the counterparty (e.g. corporate, government and retail);(iii) the EAD is determined to be equal to the face value of the claim at the valuation date, less any related mitigating factor, including any amounts pledged as collateral.In the case of credit exposures in litigation and where detailed information is available on the recoverability of the exposure, analytical assessments are performed in order to better reflect the actual riskiness of the position in the determination of expected losses. The exposures for which credit recovery actions have been activated through legal/court proceedings are defined as litigation.Impairments of trade receivables and other receivables are recognised in the income statement, net of any write-backs, under the item \u201cOther operating expenses\u201d.Financial assets, measured at fair value with effects recognized in other comprehensive income (FVTOCI) Credits and Debt InstrumentsIf present, financial assets representing loans and debt instruments whose business model envisages the possibility of both collecting the contractual cash flows and realizing their value through sale (so-called Hold to Collect and Sell, or Mixed, Business Model) are measured at fair value with the effects charged to OCI (so-called FVTOCI). Under this measurement criterion, interest income, calculated using the effective interest rate, exchange rate differences and impairment losses are recognized in the income statement; changes in the fair value of the instrument are recognized in equity, among other components of comprehensive income.When a financial asset is derecognized (e.g., upon sale), the cumulative amount of changes in fair value, up to that point recognized in OCI, are reclassified to the income statement.The rationale behind the determination of fair value is explained in Note No. 5.8 \"Significant Accounting Policies\" - \"Fair Value Measurement,\" respectively.Financial assets measured at fair value with effects charged to the income statementCredits and Debt InstrumentsThe category of financial assets measured at fair value through profit or loss (so-called FVTPL) includes:\u2022 financial assets with cash flows that are not represented exclusively by principal and interest payments, regardless of the business model (financial assets that do not pass the SPPI test);\u2022 financial assets held for trading because they are purchased or held primarily for the purpose of being sold (financial assets that pass SPPI test but held under a so-called Business Model Trading)\u2022 financial assets for which the entity voluntarily adopts the so-called Conditional Fair Value Option (these are financial assets that pass the SPPI Test and for which despite the Business Model being Hold to Collect or Mixed, the company decides to exercise the option granted by IFRS 9 that allows the financial asset to be valued at FVTPL).Where present, credits arising from invoice rebates to customers in the energy efficiency business (pertaining to so-called \"Ecobonus\" and \"Superbonus\") - and which are converted into tax credits - if held with the objective of realizing cash flows through sale (so-called \"Other\" Business Model) are measured at fair value with the effects charged to the income statement (so-called FVTPL).The rationale behind the determination of fair value is explained in Note No. 5.8 \"Significant Accounting Policies\" - \"Fair Value Measurement,\" respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__34": {
"value": "Minority interestFinancial assets representing minority interests, which are not held for trading purposes, are measured at fair value alternatively with recognition of the effects: (i) in the income statement (so-called fair value measurement recognized in the income statement or FVTPL) or in the equity reserve that holds the other components of comprehensive income, without provision for their reclassification to the income statement in the event of realization (so-called fair value measurement recognized in the statement of comprehensive income or FVTOCI).This classification can be made on a security-by-security basis, only upon initial recognition, and is irrevocable.Dividends from such equity investments are recognized in the income statement under \"Income (expense) on equity investments,\" unless the dividend clearly represents a recovery of part of the cost of the investment; in which case the dividend is recognized as a direct reduction of the carrying amount of the equity investment. Valuation at cost of a minority investment is permitted in the limited cases where cost represents an adequate estimate of fair value.The rationale behind the determination of fair value is explained in Note No. 5.8 \"Significant Accounting Policies\" - \"Fair Value Measurement,\" respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__35": {
"value": "Financial liabilitiesFinancial liabilities, unlike derivative instruments, including financial debt, trade payables and other payables, are initially recorded at fair value less any transaction- related costs; they are subsequently recognised at amortised cost using the effective interest rate for discounting purposes, as demonstrated in the previous point \"Financial assets valued at amortized cost\u201d.Financial liabilities are derecognized upon extinguishment or upon fulfilment, cancellation or maturity of the contractual obligation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__36": {
"value": "Offsetting a financial asset and a financial liabilityFinancial assets and liabilities are offset in the statement of financial position when there is a currently legally enforceable right to set-off and the intention either to settle the relationship on a net basis (i.e. to realise the asset and settle the liability simultaneously).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__37": {
"value": "Derivative financial instruments and hedge accountingDerivative financial instruments, including embedded derivatives, are assets and liabilities recognised at fair value. Under the scope of the strategy and objectives defined for risk management, the qualification of transactions as hedging requires: (i) the verification of the existence of an economic relationship between the object hedged and the hedging instrument for the purpose of offsetting the changes in value and ensuring this offsetting capacity is not invalidated by the level of counterparty credit risk; (ii) the definition of a hedge ratio consistent with the risk management objectives, under the scope of the risk management strategy defined, where necessary activating the appropriate rebalancing actions. The amendments of the risk management objectives, the disappearance of the conditions indicated previously for the qualification of transactions as hedging or the activation of rebalancing operations cause the total or partial prospective discontinuation of the hedge.In order to qualify a transaction as a hedge, at the start of the hedge a formal document is prepared that illustrates the strategies and objectives of the risk management and identifies the hedging instrument, the instrument hedged, the nature of the risk hedged and the methods through which the evaluation of whether the hedge relationship satisfies the hedge effectiveness requirements takes place.When hedging derivatives hedge the risk of changes in the fair value of the hedged instruments (\u201cfair value hedge\u201d; e.g. hedge of the risk of fluctuations in the fair value of fixed-rate assets/liabilities), the derivatives are recognised at fair value with attribution of the effects on the income statement; by the same token, the hedged instruments are adjusted to reflect in the income statement the changes in fair value associated with the hedged risk, regardless of the provision of a different valuation criterion generally applicable to the instrument type.The group subscribes to derivative instruments to cover the risk of changes in cash flows (cash flow hedges) as a result of fluctuations in interest rate or exchange rates. Changes in the fair value of hedging derivatives considered effective are initially recognised in the shareholders\u2019 equity reserve relating to other components in the comprehensive income statement and are subsequently reclassified to profit or loss in line with the economic effects produced by the hedged transaction. In the case of hedging future transactions that involve the recording of a non-financial asset or liability, the cumulative variations of the fair value of the hedge derivatives, recognised in shareholders\u2019 equity, are recognised in the adjustment of the book value of the non- financial asset/liability subject to hedging (basis adjustment).The ineffective portion of the hedge and the changes in the fair value of derivatives that do not meet the qualifying conditions for hedging are recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__38": {
"value": "Treasury sharesTreasury shares, including those held to service share-based payment plans (share incentive plans), are measured at cost and entered as a reduction of shareholders\u2019 equity. The economic effects arising from any subsequent sales are recognised in shareholders\u2019 equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__39": {
"value": "Distribution of dividendsThe distribution of dividends to the Company\u2019s shareholders entails the recording of a payable in the financial statements for the period in which distribution was approved by the Company\u2019s shareholders or, in the case of interim dividends, by the Board of Directors.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__40": {
"value": "5.8 Fair value measurementThe fair value is the amount that may be received for the sale of an asset or that may be paid for the transfer of a liability in a regular transaction between market operators as at the valuation date (i.e. exit price).The fair value of an asset or liability is determined by adopting the valuations that market operators would use to determine the price of the asset or liability. A fair value measurement also assumes that the asset or liability would be traded on the main market or, failing that, on the most advantageous market to which the Company has access.The fair value of a non-financial asset is determined by considering the capacity of market operators to generate economic benefits by putting the asset to its maximum and best use or by selling it to another market participant capable of using it in such a way as to maximise its value. The maximum and best use of an asset is determined from the perspective of market operators, also hypothesising that the company intends to put it to a different use; the current use by the company of a non-financial asset is assumed to be the maximum and best use of this asset, unless the market or other factors suggest that a different use by market operators would maximise its value.The fair-value measurement of a financial or non-financial liability, or of an equity instrument, takes into account the quoted price for the transfer of an identical or similar liability or equity instrument; if this quoted price is not available, the valuation of a corresponding asset held by a market operator as at the valuation date is taken into account. The fair value of financial instruments considers the credit risk of the counterparty for financial assets (through a \u201cCredit Valuation Adjustment\u201d - CVA) and the entity\u2019s own risk of default for financial liabilities (through a \u201cDebit Valuation Adjustment\u201d - DVA).When determining fair value, a hierarchy is set out consisting of criteria based on the origin, type and quality of the information used in the calculation. This classification aims to establish a hierarchy in terms of the reliability of the fair value, giving precedence to the use of parameters that can be observed on the market and that reflect the assumptions that market participants would use when valuing the asset/liability. The fair value hierarchy includes the following levels:\u2022 level 1: listed prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;\u2022 level 2: inputs, other than the quoted prices included in Level 1, that can be directly or indirectly observed for the assets or liabilities to be valued;\u2022 level 3: inputs for assets or liabilities that are not based on observable market data.In the absence of available market quotations, the fair value is determined by using valuation techniques suitable for each individual case that maximise the use of significant observable inputs, whilst minimising the use of non-observable inputs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__41": {
"value": "5.9 Provision for risks and charges, contingent liabilities and contingent assetsProvisions for risks and charges concern costs and charges of a certain nature which are certain or likely to be incurred, but for which the amount or date of occurrence cannot be determined at the end of the year.The provisions are recognised when: (i) the existence of a current legal or implied obligation arising from a past event is probable; (ii) it is probable that the fulfilment of the obligation will involve a cost; and (iii) the amount of the obligation can be reliably determined. Provisions are recorded at the value representing the best estimate of the amount that the Company would reasonably pay to fulfil the obligation or to transfer it to third parties at the end of the reporting period.Provisions related to contracts with valuable consideration are recorded at the lower of the cost necessary to fulfil the obligation, less the expected economic benefits arising from the contract, and the cost of terminating the contract.When the financial impact of time is significant, and the payment dates of the obligations can be reliably estimated, the provision is calculated by discounting the anticipated cash flows in consideration of the risks associated with the obligation at the Company\u2019s average debt rate; the increase in the provision due to the passing of time is posted to the income statement under \u201cFinancial income (expense)\u201d.When the liability is related to items of property, plant and equipment (e.g. decommissioning and site restoration), the provision is recognised as a counter-entry to the related asset, and posting to the income statement is accomplished through amortisation. The costs that the Company expects to incur to initiate restructuring programmes are recorded in the period in which the programme is formally defined, and the parties concerned have a valid expectation that the restructuring will take place.Provisions are periodically updated to reflect changes in cost estimates, selling periods and the discount rate; revisions in provision estimates are allocated to the same item of the income statement where the provision was previously reported or, when the liability is related to property, plant and equipment (e.g. site dismantling and restoration), as a contra-entry to the related asset, up to the book value; any surplus is posted to the income statement.The notes to the financial statements describe contingent liabilities represented by: (i) possible (but not probable) obligations resulting from past events, the existence of which will be confirmed only if one or more future uncertain events occur which are partially or fully outside the Company\u2019s control; and (ii) current obligations resulting from past events, the amount of which cannot be reliably estimated, or the fulfilment of which is not likely to involve costs.Contingent assets, or possible assets that result from past events and whose existence will only be confirmed when one or more uncertain future events, not totally under the control of the business, occur or do not occur, are not recognised unless obtaining the related benefits is virtually certain. If obtaining the benefits is probable, the contingent assets are illustrated in the notes to the financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__42": {
"value": "5.10 Non-current assets held for sale and discontinued operationsNon-current assets or disposal groups consisting of assets and liabilities are classified as held for sale if their book value will be recovered mainly by their sale rather than through continued use. This condition is regarded as fulfilled when the sale is highly probable and the asset or discontinued operations are available for immediate sale in their current condition. In the case of a programme for the sale of a subsidiary that results in loss of control, all assets and liabilities of that subsidiary are classified as held for sale, regardless of whether a non-controlling investment is maintained following the sale. Verification of compliance with the terms and conditions provided for classification of an item as held for sale requires management to make subjective valuations formulating reasonable and realistic assumptions based on the information available to it. Immediately prior to classification as held for sale, the assets and liabilities included in a disposal group are measured in accordance with the accounting standards applicable to them. Subsequently, non- current assets held for sale are not amortised or depreciated and are measured at the lower of book value and related fair value, less any sales costs (see paragraph 5.8 \u201cFair-value measurements\u201d above).The classification of investments accounted for using the equity method as held for sale implies the suspension of the application of this valuation criterion. Any negative difference between the book value of the non-current assets and their fair value less selling costs is posted to the income statement as an impairment loss; any subsequent recoveries in value are recognised up to the amount of the previously recognised impairment losses, including those recognised prior to the asset being classified as held for sale.Non-current assets and disposal group- related assets and liabilities held for sale are recognised in the statement of financial position separately from the group\u2019s other assets and liabilities.Non-current assets and disposal groups, classified as held for sale, constitute a discontinued operation if, alternatively: (i) they represent a significant autonomous business unit or a significant geographical area of operations; (ii) they are part of a plan to dispose of a significant autonomous business unit or a significant geographical area of operations; (iii) they relate to a subsidiary acquired exclusively to be sold. The economic results of discontinued operations, as well as any capital gains/losses realised on the disposal, are recorded separately in the Income Statement under a special item, net of related tax effects, including for the comparative periods.When events occur that no longer permit non-current assets or disposal groups to be classified as held for sale, they are reclassified to the respective items in the statement of financial position and recognised at the lower of the following: (i) the book value at the date of classification as held for sale; and (ii) the recoverable amount at the reclassification date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__43": {
"value": "5.11 RevenueThe recognition of revenue from contracts with customers is based on the following five steps: (i) identification of the contract with the customer; (ii) identification of the performance obligation, represented by the contractual commitment to transfer goods and/or services to a customer; (iii) calculating of the transaction\u2019s price; (iv) allocating of the transaction price to the performance obligations identified based on the stand alone sales price of each of the goods or services; (v) measuring the revenue when the performance obligation is met, i.e. at the time of the transfer to the customer of the goods or services promised; the transfer is considered to be completed when the customer obtains control of the goods or service, which can take place over time or at a point in time.Revenues are measured for the amount equal to the fair value of the consideration which the business believes it has the right to in exchange for the goods and/or services promised to the customer, with the exception of amounts collected on behalf of third-parties. If there is a variable consideration, the business estimates the amount of the consideration it shall have the right to in exchange for the transfer of goods and/or services promised to the customer; specifically, the amount of the consideration can vary in the presence of discounts, incentives, concessions on the price, performance bonuses, penalties or if the actual price depends on certain future events taking place or not.Revenues from the Snam Group\u2019s ordinary operations mainly consist of services relating to the transportation, dispatching and storage of natural gas and the regasification of liquefied natural gas, which are recognised in the financial statements over the period in which the service is provided, whether the services are \u201cregulated\u201d or \u201cnon-regulated\u201d. The recognition of revenues for regulated services is conditioned and influenced by the regulatory framework defined by ARERA (Autorit\u00e0 di Regolazione per Energia Reti e Ambiente \u2013 Regulatory Authority for Energy Networks and the Environment). Therefore, the economic conditions of the services provided are defined through regulatory schemes and not on a negotiated basis. The revenue recognised in the income statement coincides with that recognised by the regulator (so-called \u201crevenue cap\u201d). As regards the transportation business segment, the difference between the revenue recognised by the regulator (so- called \u201crevenue cap\u201d) and that actually accrued is recorded, if positive, in the item of the statement of financial position \u201cTrade payables and other payables\u201d and, in the item \u201cTrade and other payables\u201d, as it will be subject to cash settlement with the Cassa per i Servizi Energetici e Ambientali (CSEA). In the Regasification and Storage segments any difference between the revenue recognised by the regulator and the accrued revenue is recognised in the balance sheet item \u201cTrade and other receivables\u201d, if positive, and in the item \u201cTrade payables and other payables\u201d, if negative, inasmuch as it will be subject to cash settlement with the Energy and Environmental Services Fund (CSEA).Non-regulated revenues mainly involve: (i) considerations for the construction of biogas and biomethane plants; (ii) technical- specialist services to unconsolidated foreign companies; (iii) the provision of services relating to energy efficiency projects; (iv) income from the rental and maintenance of fibre optic telecommunication cables; (v) the sale of CNG compressors for motor transport. The recognition of these revenues takes place over the service provision period.By virtue of the principle of neutrality defined by applicable regulations, transactions carried out on the balancing market generate neither costs nor revenue, as they are mere pass-through items. Any (positive or negative) differences from the usage of different prices for the transactions above will be neutralized by recognizing an asset or liability for CSEA, given that these differences are equalized by the latter.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__44": {
"value": "5.12 Employee benefitsShort-term benefits for employeesShort-term benefits for employee are recognised as a cost at the time when the service is rendered. The Group recognises a liability, classified under \u201cTrade payables and other payables\u201d for the amount due to be paid when it has a current legal or constructive obligation to make such payments. Post-employment benefitsPost-employment benefits are defined according to programmes, including non- formalised programmes, which, depending on their characteristics, are classed as \u201cdefined-benefit\u201d or \u201cdefined-contribution\u201d plans.\u2022 Defined-benefit plansiThe liability associated with defined-benefit plans is determined by estimating the present value of the future benefits accrued by the employees during the current year and in previous years, and by calculating the fair value of any assets servicing the plan. The present value of the obligations is determined based on actuarial assumptions and is recognised on an accruals basis consistent with the employment period necessary to obtain the benefits.Actuarial gains and losses relating to defined-benefit plans arising from changes in actuarial assumptions or experience adjustments are recognised in the comprehensive income statement in the period in which they occurred,and are not subsequently recognised in the income statement. When a plan changed, reduced or extinguished, the relative effects are recognised in the income statement.Net financial expense represents the change that the net liability undergoes during the year due to the passing of time. Net interest is determined by applying to the liabilities, net of any plan assets, the discount rate used for the discounting used for the liabilities. The net financial expense of defined-benefit plans is recognised in \u201cFinance expense (income)\u201d.\u2022 Defined-contribution plansIn defined-contribution plans, the Company\u2019s obligation is calculated, limited to the payment of state contributions or to equity or a legally separate entity (fund), based on contributions due. The costs associated with defined-benefit contributions are recognised in the income statement as and when they are incurred.Other long-term benefitsObligations relating to other long-term benefits are calculated using actuarial assumptions; the effects arising from the amendments to the actuarial assumptions or the characteristics of the benefits are recognised entirely in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__45": {
"value": "Benefits payable on termination of employmentThe benefits payable to employees for termination of employment are recognised as an expense when the Company is committed to offering the benefits and has no option to withdraw them, or, if earlier, when the company recorded restructuring costs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__46": {
"value": "Share-based payments (Share-based incentive plan)Employee benefits, consistent with the essential nature of the remuneration that they comprise, include the cost of share-based incentive plans. The incentive cost is calculated with reference to the fair value of the instruments allocated and the forecast of the number of share that will effectively be allocated; the share pertaining to the financial year is calculated pro-rata temporis throughout the vesting period, or the period between the grant date and the allocation date. The fair value of the shares underlying the incentive plan is calculated at the grant date taking into account the forecasts with regard to reaching the performance parameters associated with market conditions and is not adjusted in future financial years; when obtaining the benefit is also connected to conditions other than market conditions, the estimate relating to these conditions is reflected by adjusting the number of shares during the vesting period that are expected to effectively be allocated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__47": {
"value": "5.13 Accounting for environmental certificates - Emission trading systemsThe European Emission Trading System, established to manage and trade emission allowances, sets an upper limit for greenhouse gas emissions produced over the course of a year, for which a certain number of emission allowances are issued free of charge by the competent national authorities. Depending on the actual greenhouse gas emissions produced during the year, each company is entitled to sell or is obliged to buy emission allowances on the market.Allowances purchased for a consideration to offset emissions released into the atmosphere during the year are recognised in the income statement; any allowances purchased beyond what is necessary are recognised in \u201cOther current assets\u201d.Any allowances allocated free of charge and not used in the year of allocation are not recognised in the financial statements as they are used for the following year\u2019s requirements.If there is a deficit for emission allowances that have not been purchased on the market at the balance sheet date, the cost and corresponding liability are recognised at market value at the end of the financial year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__48": {
"value": "5.14 Foreign currency transactionsThe criteria adopted by Snam to convert transactions in currencies other than the functional currency (the Euro) are summarised below:\u2022 revenue and costs relating to transactions in currencies other than the functional currency are recognised at the exchange rate in effect on the day when the transaction was carried out;\u2022 monetary assets and liabilities in currencies other than the functional currency are converted into Euro by applying the exchange rate in effect on the reporting date, allocating the effect to the income statement;\u2022 non-monetary assets and liabilities in currencies other than the functional currency which are valued at cost are recognised at the initially recorded exchange rate; when the measurement is made at fair value or recoverable or realisable value, the exchange rate used is the one in effect on the valuation date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__50": {
"value": "5.15 Income taxesCurrent income taxes are calculated by estimating the taxable income. Tax payables and receivables for current taxes are recognised at the value of the current tax liability that are expected to be paid/recovered to/from the tax authorities by applying the tax rates and regulations in force or substantially approved at the end of the financial year. Regarding corporation tax (IRES), Snam has exercised the option to join the national tax consolidation scheme, to which all the consolidated companies have officially signed up, except for Mieci S.p.A., Evolve S.p.A. and T-lux S.r.l. The projected payable is recognised under \u201cCurrent tax liabilities\u201d.The regulations governing Snam Group companies\u2019 participation in the national tax consolidation scheme stipulates that:\u2022 subsidiaries with positive taxable income pay the amount due to Snam. The taxable income of the subsidiary, used to determine the tax, is adjusted to account for the recovery of negative components that would have been non-deductible without the consolidation scheme (e.g. interest expense), the so-called ACE (help for economic growth) effect and any negative taxable income relating to the subsidiary\u2019s equity investments in consolidated companies;\u2022 subsidiaries with negative taxable income, if and insofar as they have prospective profitability which, without the national tax consolidation scheme, would have enabled them to recognise deferred tax assets related to the negative taxable income on the separate financial statements, receive from their shareholders \u2013 in the event that these are companies with a positive taxable income or a negative taxable income with prospective profitability \u2013 or from Snam in other cases, compensation amounting to the lower of the tax saving realised by the Group and the aforementioned deferred tax assets.Regional production tax (IRAP) is recognised under the item \u201cCurrent tax liabilities\u201d/\u201cCurrent tax assets\u201d.Deferred taxes are calculated on the timing differences between the values of the assets and liabilities entered in the balance sheet and the corresponding values recognized for tax purposes, based on the prevailing tax regulations and rates applicable in financial years in which the temporary difference will be cancelled, approved or essentially approved at the end closing date of the reference year of the financial statements. Deferred tax assets are recognised when their recovery is considered probable; specifically, the recoverability of deferred tax assets is considered probable when taxable income is expected to be available in the period in which the temporary difference is cancelled, allowing the activation of the tax deduction. Similarly, unused tax credits and deferred tax assets on tax losses are recognised within the limits of their recoverability; with reference to deferred tax assets, their recoverability is verified at least annually.If there are uncertainties over the application of tax regulations: (i) in cases where it is deemed probable that the tax authorities will accept the uncertain tax treatment, the income taxes (current and/or deferred) to be recognised in the financial statements according to the tax treatment applied or which it is expected to apply during the tax return are calculated; (ii) in cases where it is not deemed probable that the tax authorities will accept the uncertain tax treatment, this uncertainty is reflected in calculating the (current and/or deferred) income taxes to be recognised in the financial statements.Deferred tax assets and deferred tax liabilities are classified under non-current assets and liabilities and are offset at individual company level if they refer to taxes which can be offset and/or at the level of the consolidating company in the presence of the taxation regime set out in the national consolidation scheme. The balance of the offsetting, if it results in an asset, is recognised under the item \u201cDeferred tax assets\u201d; if it results in a liability, it is recognised under the item \u201cDeferred tax liabilities\u201d. When the results of transactions are recognised directly in equity, current and deferred taxes are also posted to equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__49": {
"value": "5.15 Income taxesCurrent income taxes are calculated by estimating the taxable income. Tax payables and receivables for current taxes are recognised at the value of the current tax liability that are expected to be paid/recovered to/from the tax authorities by applying the tax rates and regulations in force or substantially approved at the end of the financial year. Regarding corporation tax (IRES), Snam has exercised the option to join the national tax consolidation scheme, to which all the consolidated companies have officially signed up, except for Mieci S.p.A., Evolve S.p.A. and T-lux S.r.l. The projected payable is recognised under \u201cCurrent tax liabilities\u201d.The regulations governing Snam Group companies\u2019 participation in the national tax consolidation scheme stipulates that:\u2022 subsidiaries with positive taxable income pay the amount due to Snam. The taxable income of the subsidiary, used to determine the tax, is adjusted to account for the recovery of negative components that would have been non-deductible without the consolidation scheme (e.g. interest expense), the so-called ACE (help for economic growth) effect and any negative taxable income relating to the subsidiary\u2019s equity investments in consolidated companies;\u2022 subsidiaries with negative taxable income, if and insofar as they have prospective profitability which, without the national tax consolidation scheme, would have enabled them to recognise deferred tax assets related to the negative taxable income on the separate financial statements, receive from their shareholders \u2013 in the event that these are companies with a positive taxable income or a negative taxable income with prospective profitability \u2013 or from Snam in other cases, compensation amounting to the lower of the tax saving realised by the Group and the aforementioned deferred tax assets.Regional production tax (IRAP) is recognised under the item \u201cCurrent tax liabilities\u201d/\u201cCurrent tax assets\u201d.Deferred taxes are calculated on the timing differences between the values of the assets and liabilities entered in the balance sheet and the corresponding values recognized for tax purposes, based on the prevailing tax regulations and rates applicable in financial years in which the temporary difference will be cancelled, approved or essentially approved at the end closing date of the reference year of the financial statements. Deferred tax assets are recognised when their recovery is considered probable; specifically, the recoverability of deferred tax assets is considered probable when taxable income is expected to be available in the period in which the temporary difference is cancelled, allowing the activation of the tax deduction. Similarly, unused tax credits and deferred tax assets on tax losses are recognised within the limits of their recoverability; with reference to deferred tax assets, their recoverability is verified at least annually.If there are uncertainties over the application of tax regulations: (i) in cases where it is deemed probable that the tax authorities will accept the uncertain tax treatment, the income taxes (current and/or deferred) to be recognised in the financial statements according to the tax treatment applied or which it is expected to apply during the tax return are calculated; (ii) in cases where it is not deemed probable that the tax authorities will accept the uncertain tax treatment, this uncertainty is reflected in calculating the (current and/or deferred) income taxes to be recognised in the financial statements.Deferred tax assets and deferred tax liabilities are classified under non-current assets and liabilities and are offset at individual company level if they refer to taxes which can be offset and/or at the level of the consolidating company in the presence of the taxation regime set out in the national consolidation scheme. The balance of the offsetting, if it results in an asset, is recognised under the item \u201cDeferred tax assets\u201d; if it results in a liability, it is recognised under the item \u201cDeferred tax liabilities\u201d. When the results of transactions are recognised directly in equity, current and deferred taxes are also posted to equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__51": {
"value": "5.16 Segment reporting (operating segments)Disclosure on business segments has been prepared pursuant to IFRS 8 \u2013 \u201cOperating Segments\u201d:consequently, the identification of the operating segments and the information presented are defined on the basis of the internal reporting used by the Company\u2019s management to allocate resources to the different segments and to analyse the respective performances.An operating segment is defined by IFRS 8 as the component of an entity that: (i) that engages in business activities from which it may earn revenue and incur expenses (including revenue and expenses relating to transactions with other components of the same entity); (ii) for which the operating results are regularly reviewed by the entity\u2019s most senior decision-makers for the purpose of making decisions about resources to be allocated to the segment and assessing its performance; and (iii) for which separate financial information is available.With reference to the financial year 2022, the business segments subject to reporting under IFRS 8 are: (i) the Transportation segment, relating to natural gas transportation activities; (ii) the Regasification segment, relating to Liquefied Natural Gas regasification activities; (iii) the Storage segment, relating to natural gas storage activities; (iv) the Energy transition segment, relating to energy efficiency, biogas/biomethane business and hydrogen start-up projects. The Mobility segment, together with the activities of Snam Global solution, do not constitute operating segments subject to separate reporting under IFRS 8. The relevant values are shown in the aggregate \"Other segments\".",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__52": {
"value": "6ASSUMPTIONS AND UNCERTAINTIES IN ESTIMATES The application of generally accepted accounting principles for the preparation of financial statements involves management making accounting estimates based on complex and/or subjective judgements, estimates based on past experience and assumptions regarded as reasonable and realistic on the basis of the information known at the time of the estimate. The use of these accounting estimates has an influence on the book value of the assets and liabilities and on the information about potential assets and liabilities at the reporting date, as well as the amount of revenue and costs in the reference period. The actual results may differ from the estimated results owing to the uncertainty that characterises the assumptions and the conditions on which the estimates are based. Details are given below about the critical accounting estimates involved in the process of preparing the financial statements and interim reports, since they involve a high degree of recourse to subjective judgements, assumptions and estimates regarding matters that are by nature uncertain. Any change in the conditions forming the basis of the judgements, assumptions and estimates used could have a significant impact on subsequent results.6.1 Impairment of non-financial assetsNon-financial assets are impaired when events or changes in circumstances give cause to believe that the book value is not recoverable. The events that can lead to an impairment of assets include changes in business plans, changes in market prices or reduced use of plants. The decision on whether to apply an impairment and the quantification of any such impairment depend on the Company\u2019s management assessment of complex and highly uncertain factors, such as future price trends, the impact of inflation and technological improvements on production costs, production profiles and conditions of supply and demand. The impairment is determined by comparing the book value with the related recoverable value, represented by the greater of the fair value, net of disposal costs, and the usage value, determined by discounting the expected cash flows deriving from the use of the asset, or represented by the RAB in the regulated business segments. The expected cash flows are quantified in the light of the information available at the time of the estimate, on the basis of subjective judgements regarding future trends in variables \u2013 such as prices, costs, the rate of growth of demand and production profiles \u2013 and are discounted using a rate that takes account of the risk inherent to the asset concerned. The rationale behind the impairment testing used by management in relation to property plant and machinery, intangible assets, goodwill and investments accounted for using the equity method are illustrated respectively in note 8 \u201c\u2018Property, plant and equipment\u2019\u201d, note 9 \u201c\u2018Intangible assets and goodwill\u201d and note 10 \u201cInvestments accounted for using the equity method\u201d.6.2 Impairment of financial assetsAt each reporting date, assessments are made of the recoverability of financial assets in order to determine the value of expected credit losses (ECL).In particular, the valuation of trade receivables is carried out using the simplified approach established by IFRS 9, which involves estimating the ECL over the life of the receivable. In these cases, the impairment is generally based on the expected credit loss model and is carried out through the use of both qualified external providers and by means of an analysis of observed historical data with respect to credit recoverability; analysis performed for homogeneous categories of counterparties. On the other hand, for certain categories of credits characterised by peculiar risk elements (e.g. litigation or credit recovery practices through legal/judicial proceedings), specific assessments are carried out on individual credit positions. The logic behind the expected credit loss model is explained in Note 5 \"Significant accounting standards\" - \"Non-derivative Financial Assets -Receivables and Debt securities\", respectively.6.3 Provisions for risks and charges Provision for decommissioning and site restorationThe Snam Group incurs significant liabilities associated with obligations to remove and dismantle plants or parts of plants. Estimating future dismantling and restoration costs is a complex process and requires the assessment and judgement of the Company\u2019s management in placing a value on the liabilities that will be incurred many years in the future for compliance with dismantling and restoration obligations, which often cannot be fully defined by laws, administrative regulations or contractual clauses. In addition, these obligations are affected by constant changes in technology and in dismantling and restoration costs, as well as the constant growth of political and public awareness regarding matters of health and protection of the environment.The criticality of estimates of dismantlement and restoration costs also depends on the accounting method used for these costs, for which the current value is initially capitalised together with the cost of the asset to which they relate, offset against the provision for risks and charges. Thereafter, the value of the provision for risks is updated to reflect the passing of time and any changes in the estimate as a result of changes in expected cash flows, the timing of their realisation and the discount rates applied.The calculation of the discount rate to be used both in the initial valuation of the cost and in subsequent valuations is the result of a complex process which involves subjective judgements on the part of the Company\u2019s management. Environmental liabilitiesThe Snam Group is subject, in relation to its activities, to numerous laws and regulations on environmental protection at European, national, regional and local level, including the laws which implement international conventions and protocols relating to the activities carried out. With reference to this legislation, when it is probable that the existence and amount of a large liability can be reliably estimated, provisions are made for the associated costs.The group does not currently believe that the financial statements will suffer particularly significant adverse effects due to non-compliance with environmental regulations, also considering actions already undertaken, but it cannot be ruled out with certainty that Snam may incur further, possibly significant, costs or liabilities, since current knowledge says it is impossible to predict the effects of future developments, taking into account also the following aspects: (i) the possible emergence of contamination; (ii) the outcome of the refurbishment in progress and to be followed and the other possible effects arising from the application of the laws in force; (iii) the possible effects of new laws and regulations for environmental protection; (iv) the effects of any technological innovations for environmental reclamation; (v) the possibility of disputes and the difficulty of determining the possible consequences, also in relation to the liability of other parties and to possible compensation payments.Provisions for legal and tax disputesThe estimation of the group\u2019s provisions for these purposes is the result of a complex process involving subjective judgements by Company management.6.4 Investments and business combinationsVerification of the existence of control, joint control, considerable influence over another entity as well as, in the case of joint operations, verification of the existence of enforceable rights and obligations requires Corporate Management to exercise professional judgement taking into consideration the characteristics of the corporate structure and agreements between the parties as well as other facts and circumstances that are relevant for the purpose of this check. Similar considerations also apply in cases of a planned change in status following a loss of control, joint control or connection with the possible need to activate the classification as \u201cassets held for sale/discontinued operation\u201d.The reporting of business combination transactions involves the allocation to the assets and liabilities of the acquired company of the difference between the acquisition cost and the net book value. For the majority of assets and liabilities, the attribution of the difference is carried out by recognising the assets and liabilities at their fair value. The unallocated portion, if positive, is recognised as goodwill; if negative, it is allocated to the income statement. In the allocation process, the Snam Group draws on the available information and, for the most significant business combinations, on external valuations.6.5 Employee benefitsDefined-benefit plans are valued on the basis of uncertain events and actuarial assumptions which include, inter alia, the discount rates, the expected returns on the assets servicing the plans (where they exist), the level of future remuneration, mortality rates, the retirement age and future trends in the healthcare expenses covered.The main assumptions used to quantify defined-benefit plans are determined as follows: (i) the discount and inflation rates representing the base rates at which the obligation to employees might actually be fulfilled are based on the rates which mature on high-quality bonds and on inflation expectations; (ii) the level of future remuneration is determined on the basis of elements such as inflation expectations, productivity, career advancement and seniority; (iii) the future cost of healthcare services is determined on the basis of elements such as present and past trends in healthcare costs, including assumptions regarding the inflationary growth of costs, and changes in the health of the participating employees; and (iv) the demographic assumptions reflect the best estimates of trends in variables such as mortality, turnover, invalidity and others in relation to the population of the participating employees.Differences in the value of net liabilities (assets) in employee benefit plans, arising due to changes in the actuarial assumptions used and the difference between the actuarial assumptions previously adopted and actual events, occur routinely and are called actuarial gains and losses. Actuarial gains and losses relating to defined-benefit plans are recognised in the comprehensive income statement. Actuarial assumptions are also used to determine obligations relating to other long-term benefits; to this end, the effects arising from changes to the actuarial assumptions or the characteristics of the benefit are fully recognised in the income statement.6.6 Fair valueCalculating the fair value of financial and non-financial instruments is a structured process featuring the use of complex evaluation methodologies and techniques that involve collecting up to date information from the reference markets and/or using internal input data.Similar to other estimates, calculating the fair value, albeit based on the best information available and on the adoption on adequate evaluation methodologies and techniques, it intrinsically features random elements and the exercising of professional judgement and could create forecasts with different values from those that will effectively be realised.6.7 Classification and measurement of investments made for development and maintenance of proprietary infrastructuresThe Snam Group makes significant investments for development and maintenance of its own infrastructures. Assessing the recoverability of the investments currently underway and the distinction of the costs as improvements, upgrades and transformations that increase the infrastructure and the expenses for ordinary maintenance and repairs which restore but do not increase the performance of the assets, includes valuation elements. These assessments are formulated on the basis of objective criteria that the Group has developed to facilitate an application consistent with its accounting policies.",
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"value": "6.3 Provisions for risks and charges Provision for decommissioning and site restorationThe Snam Group incurs significant liabilities associated with obligations to remove and dismantle plants or parts of plants. Estimating future dismantling and restoration costs is a complex process and requires the assessment and judgement of the Company\u2019s management in placing a value on the liabilities that will be incurred many years in the future for compliance with dismantling and restoration obligations, which often cannot be fully defined by laws, administrative regulations or contractual clauses. In addition, these obligations are affected by constant changes in technology and in dismantling and restoration costs, as well as the constant growth of political and public awareness regarding matters of health and protection of the environment.The criticality of estimates of dismantlement and restoration costs also depends on the accounting method used for these costs, for which the current value is initially capitalised together with the cost of the asset to which they relate, offset against the provision for risks and charges. Thereafter, the value of the provision for risks is updated to reflect the passing of time and any changes in the estimate as a result of changes in expected cash flows, the timing of their realisation and the discount rates applied.The calculation of the discount rate to be used both in the initial valuation of the cost and in subsequent valuations is the result of a complex process which involves subjective judgements on the part of the Company\u2019s management. Environmental liabilitiesThe Snam Group is subject, in relation to its activities, to numerous laws and regulations on environmental protection at European, national, regional and local level, including the laws which implement international conventions and protocols relating to the activities carried out. With reference to this legislation, when it is probable that the existence and amount of a large liability can be reliably estimated, provisions are made for the associated costs.The group does not currently believe that the financial statements will suffer particularly significant adverse effects due to non-compliance with environmental regulations, also considering actions already undertaken, but it cannot be ruled out with certainty that Snam may incur further, possibly significant, costs or liabilities, since current knowledge says it is impossible to predict the effects of future developments, taking into account also the following aspects: (i) the possible emergence of contamination; (ii) the outcome of the refurbishment in progress and to be followed and the other possible effects arising from the application of the laws in force; (iii) the possible effects of new laws and regulations for environmental protection; (iv) the effects of any technological innovations for environmental reclamation; (v) the possibility of disputes and the difficulty of determining the possible consequences, also in relation to the liability of other parties and to possible compensation payments.Provisions for legal and tax disputesThe estimation of the group\u2019s provisions for these purposes is the result of a complex process involving subjective judgements by Company management.",
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"s8_notes__5__54": {
"value": "8 PROPERTY, PLANT AND EQUIPMENT 31.12.2021(million euros)Industrial and Fixed assetsPlant and Other Land BuildingsCommercial in progress TotalequipmentassetsEquipmentand advancesCost at 31.12.2020 178 518 24,717 139 310 1,142 27,004Investments 1 5 10 1 1,105 1,122Disposal (1) (60) (6) (139) (6) (212)Other changes 2 33 767 7 84 (901) (8)Changes in rights of use for leased 5 5assetsCost at 31.12.2021 181 555 25,429 150 256 1,340 27,911- of wich rights of use for leased assets 7 28 3 38Provisions for amortisation (3) (148) (9,644) (73) (213) (10,081)and depreciation at 31.12.2020Total amortisation and depreciation (12) (642) (14) (33) (701)Disposal 1 50 6 139 196Other changes 2 3 5Depreciation rights of use for leased (2) (6) (8)assetsProvisions for amortisation and (3) (162) (10,236) (81) (107) (10,589)depreciation at 31.12.2021- of wich rights of use for leased assets (4) (13) (1) (18)Provision for impairment losses (1) (3) (34) (70) (108)at 31.12.2020Impairment losses (3) (10) (13)Disposal 3 3Provision for impairment losses (1) (3) (34) (80) (118)at 31.12.2021NET BOOK VALUE AT 31.12.2020 174 367 15,039 66 97 1,072 16,815NET BOOK VALUE AT 31.12.2021 177 390 15,159 69 149 1,260 17,20431.12.2022(million euros)Industrial and Fixed assetsPlant and Other Land BuildingsCommercial in progress TotalequipmentassetsEquipmentand advancesCost at 31.12.2021 181 555 25,429 150 256 1,340 27,911Investments 5 35 11 1 1,119 1,171Disposal (1) (4) (60) (8) (1) (7) (81)Change in the scope of consolidation 17 7 193 2 5 383 607Changes in rights of use for leased 8 3 2 1 14assetsOther changes (1) 9 764 11 67 (1,146) (296)Cost at 31.12.2022 209 570 26,363 166 329 1,689 29,326- of which rights of use for leased assets 20 31 2 4 57Provisions for amortisation (3) (162) (10,236) (81) (107) (10,589)and depreciation at 31.12.2021Total amortisation and depreciation (12) (665) (16) (46) (739)Disposal 2 38 6 46Change in the scope of consolidation (2) (55) (1) (1) (59)Other changes 5 3 8Depreciation rights of use for leased (2) (5) (1) (8)assetsProvisions for amortisation (5) (179) (10,913) (92) (152) (11,341)and depreciation at 31.12.2022- of which rights of use for leased assets (6) (15) (2) (23)Provision for impairment losses (1) (3) (34) (80) (118)at 31.12.2021Impairment losses (4) (2) (1) (5) (12)Disposal 2 3 5Rights of use for leased assets (1) (1)Provision for impairment losses (1) (6) (33) (1) (85) (126)at 31.12.2022- of which rights of use for leased assets (1) (1)NET BOOK VALUE AT 31.12.2021 177 390 15,159 69 149 1,260 17,204NET BOOK VALUE AT 31.12.2022 203 385 15,417 73 177 1,604 17,859Property, plant and equipment (17,859 million euros) primarily relates to transportation (14,076 million euros) and storage infrastructure (2,849 million euros).9Investments (1,171 million euros) refer mainly to the transportation (884 million euros net) segment. The change in the scope of consolidation (548 million euros) refers mainly to the assets recognised in connection with the acquisition: (i) 100% of the share capital of Golar LNG NB 13 Corporation, owner of the FSRU vessel Golar Tundra (327 million euros, net of ancillary acquisition costs); (ii) of 6 and 19 companies engaged in the realisation and management of plants for the promotion of circular economy projects for the energy valorisation of the organic fraction of waste - OFMSW and agricultural waste (158 million euros overall); (iii) of the control of Iniziative Biometano S.p.A. (8 companies consolidated on a line-by-line basis) instead of joint control (37 million euros in total).During the year, Snam capitalised 25 million euros of financial expenses (20 million euros in 2021). Depreciation (747 million euros), included rights-of-use on leased assets, refers to economic and technical depreciation determined on the basis of the useful life of the assets or their remaining possible use by the Company, and, with reference to leased assets, on the basis of the contractual duration if the exercise of any purchase options is not probable. Disposals (30 million euros, net of the related accumulated depreciation and impairment losses) mainly relate to assets in the transportation segment. Write-downs and reversals (126 million euros) mainly relate to assets in the transportation segment (116 million euros) and mainly concern assets not yet available for use and sections of pipelines that are no longer usable.The value of plant and equipment includes the estimated (discounted) costs to be incurred for the removal of facilities and the restoration of sites (498 million euros, net of the provision for amortisation/depreciation) mainly relating to the natural gas storage (411 million euros) and transportation (68 million euros) segments.Other changes (288 million euros) mainly concern: (i) the upward revision of the estimated costs for decommissioning and restoration of sites, basically relating to the storage sector, against the reduction in the expected discount rates (228 million euros in all); (ii) contributions on works for interference with third parties (so-called \"recharges\", 25 million euros).Contractual commitments to purchase property, plant and equipment, and to provide services related to the construction thereof, are reported in Note 26 \u201cGuarantees and commitments\u201d. There are no real guarantees on property, plant and equipment.9 Investments by business segment are shown in the \u201cBOperating performance by business segment\u201d section of the Directors\u2019 Report.8.1 Tangible assets by business segmentProperty, plant and equipment by business segment break down as follows: (million euros) 31.12.2021 31.12.2022Historical cost 27,910 29,325Transportation 23,193 23,881Storage 4,269 4,291Regasification 223 628Energy Transition 176 467Other Segments 27 35Amount not allocated to segments 22 23Provisions for depreciation, amortisation and impairment losses (10,706) (11,466)Transportation (9,229) (9,805)Storage (1,343) (1,442)Regasification (88) (96)Energy Transition (32) (99)Other Segments (4) (12)Amount not allocated to segments (10) (12)NET BOOK VALUE 17,204 17,859Transportation 13,964 14,076Storage 2,926 2,849Regasification 135 532Energy Transition 144 368Other Segments 23 23Amount not allocated to segments 12 11",
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"s8_notes__5__55": {
"value": "9 INTANGIBLE ASSETS AND GOODWILL31.12.2021With an With a \ue7acnite useful lifeinde\ue7acnite useful lifeIndustrial Concessions, patent licences, Other Fixed assets rights and (million euros)trademarks intangible in progress Goodwill Totalintellectual and similar \ue7acxed assetsand advancesproperty rightsrightsCost at 31.12.2020 954 819 71 93 60 1,997Investments 1 2 145 148Disposals (118) (118)Other changes 153 5 11 (163) 6Cost at 31.12.2021 990 824 84 75 60 2,033Provisions for amortisation and depreciation (756) (109) (7) (872)at 31.12.2020Total amortisation and depreciation (87) (8) (5) (100)Disposals 118 118Other changes 2 (1) (13) (12)Provisions for amortisation and depreciation (723) (118) (25) (866)at 31.12.2021Provision for impairment losses at 31.12.2020Provision for impairment losses at 31.12.2021NET BOOK VALUE AT 31.12.2020 198 710 64 93 60 1,125NET BOOK VALUE AT 31.12.2021 267 706 59 75 60 1,16731.12.2022With an With a \ue7acnite useful lifeinde\ue7acnite useful lifeIndustrial Concessions, patent licences, Other Fixed assets rights and (million euros)trademarks intangible in progress Goodwill Totalintellectual and similar \ue7acxed assetsand advancesproperty rightsrightsCost at 31.12.2021 990 824 84 75 60 2,033Investments 4 4 1 171 180Disposals (15) (1) (16)Change in the scope of consolidation 58 27 40 125Losses in value (2) (7) (9)Other changes 135 4 (25) (139) 3 (22)Cost at 31.12.2022 1,127 875 86 107 96 2,291Provisions for amortisation and depreciation (723) (118) (25) (866)at 31.12.2021Total amortisation and depreciation (101) (9) (10) (120)Disposals 15 15Other changes 3 3Provisions for amortisation and depreciation (821) (112) (35) (968)at 31.12.2022Losses in value (2) (2)Provision for impairment losses at 31.12.2022 (2) (2)NET BOOK VALUE AT 31.12.2021 267 706 59 75 60 1,167NET BOOK VALUE AT 31.12.2022 304 763 51 107 96 1,321Industrial patent and intellectual property rights (304 million euros) mainly concern information systems and applications in support of operating activities. Concessions, licences, trademarks and similar rights (763 million euros) refer basically to concessions for natural gas storage activities (661 million euros) and to the concessions of Settala (229 million euros), Sergnano (128 million euros) and Fiume Treste (91 million euros). The value of the storage concessions is represented by the reserves of natural gas in 10the fields (\u201cCushion Gas\u201d). Other intangible fixed assets (51 million euros) include the fair value attributed during the Purchase Price Allocation (PPA) of Mieci and Evolve, as regulated by the accounting standard IFRS 3 \u201cBusiness Combinations\u201d, relating to the book order (approximately 46 million euros). Amortisation is based on the average duration of the contracts.11Investments (180 million euros), mainly in the natural gas transportation segment (127 million euros), refer mainly to projects for the development of information systems.The change in the scope of consolidation (125 million euros) refers mainly to the assets recognised in connection with the acquisition: (i) 6 and 19 companies specialized in the realisation and management of plants for the promotion of circular economy projects for the energy valorisation of the organic fraction of waste - OFMSW and agricultural waste (94 million 10 Cushion gas is not depreciated.11 Investments by business segment are shown in the \u201cOperating performance by business segment\u201d section of the Directors\u2019 Report.euros in total, including related start-ups); (iii) control of Iniziative Biometano S.p.A. (8 companies consolidated on a line-by-line basis) instead of joint control (30 million euros in total).Amortisation (120 million euros) refers to economic and technical amortisation determined on the basis of the definite useful life of the intangible assets or their remaining possible use by the Company.Contractual commitments to purchase intangible assets, and to provide services related to the development thereof, are reported in Note 26 - \u201cGuarantees and commitments\u201d. 9.1 Intangible assets by business segmentIntangible assets by business segment break down as follows:(million euros) 31.12.2021 31.12.2022Historical cost 2,033 2,291Transportation 917 1,030Storage 861 876Regasification 11 13Energy Transition 144 252Other Segments 16 10Amount not allocated to segments 84 110Provisions for depreciation, amortisation and impairment losses (866) (970)Transportation (599) (673)Storage (161) (173)Regasification (6) (7)Energy Transition (29) (37)Other Segments (5) (10)Amount not allocated to segments (66) (70)NET BOOK VALUE 1,167 1,321Transportation 318 357Storage 700 703Regasification 5 6Energy Transition 115 215Other Segments 11Amount not allocated to segments 18 40",
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"s8_notes__5__56": {
"value": "9.2 Impairment test As required by accounting principle (IAS 36), the impairment test is carried out at least once a year for all CGUs (or groups of CGUs) to which goodwill, recorded in the consolidated financial statements, has been allocated and for CGUs (or groups of CGUs) that include intangible fixed assets with an indefinite useful life and intangible fixed assets not yet available for use. For all the remaining CGUs (or groups of CGUs), the impairment test is carried out only when there are impairment indicators. The macroeconomic context has been marked over the past 12 months by the presence of a significant inflationary phenomenon to which the major central banks, including the ECB, have responded with significant and repeated increases in their respective key interest rates. The markets in which these phenomena took place (including the Eurozone), show a snapshot of 2022 characterised by 12the presence of widespread signs suggesting the existence of impairment indicators of an exogenous nature. Therefore, as at 31 December 2022, the test was performed for all major CGUs and CGU groupings, in particular: \u2022 for the sustainable mobility business, consisting of refuelling stations, and micro-liquefaction and bunkering plants, for 13the Snam4Mobility CGU, with reference to which, as at 31 December 2022, no goodwill remains allocated as a result of the impairment losses carried out; \u2022 for the AGRI CGU (formerly the IES Biogas CGU) and the WASTE CGU (formerly the Renerwaste CGU), to which goodwill of 21 million euro and 29 million euros, respectively, is allocated. The companies respectively owned by IES Biogas group 14and the Renerwaste group each represent a single CGU (CGU AGRI and CGU WASTE) as the method of managing raw material treatment plants (OFMSW in the case of WASTE plants and, agricultural biomass in the case of AGRI plants) is unitary and centralised. Moreover, in view of the characteristics of such plants, management is not bound by the corporate structure when making decisions on the allocation of resources and investments; \u2022 for the energy efficiency business, by the grouping of Energy Efficiency CGUs, made up of the TEP Energy Solutions, 15Mieci, Evolve CGUs as well as by the Renovit sub-holding, to which a total goodwill of 19 million euros is allocated; this due to the strong vertical integration between the companies in the management of know-how and technologies, which allows the creation of important synergies in the presentation of a unitary offer to the market. The test was also performed for the Snam Rete Gas, ITG, GNL and Stogit CGUs belonging to the regulated activities of natural gas transportation, regasification and storage; limited to ITG, goodwill of 27 million euros is allocated.16Consistently (i) with the provisions of the agreement signed on 22 December 2022 between Snam Bioenerys group company and Femogas S.p.A. and (ii) in light of the new strategic direction assigned to IES Biogas, which assumes the role of sub-holding company of the Snam group for the AGRI business, increasingly focusing its resources towards the management of proprietary plants aimed at the production of biogas/biomethane from biomass sources of agricultural 17origin, starting from 2022 the AGRI CGU includes, in addition to IES Biogas itself, 24 additional companies. Specifically, these are the 20 companies that were acquired or established by IES Biogas during the year, in addition to a further four companies that were already indirectly controlled by Snam as at 31 December 2022 and will become investee companies of IES Biogas by 2023.Overall, except for the amendments mentioned above, the impairment test was carried out on the basis of a similar CGU set-up to last year.The recoverable amount of the Snam4Mobility CGU was determined, as value in use, based on the cash flows of the corporate plans using the Discounted Cash Flow (DCF) Method. In consideration of the business development and in view of the proposed investment plan, the cash flows were calculated taking into consideration a longer time horizon compared with the forecast 2023-2026 Plan data, in order to be able to consider all the effects that may have a significant impact on these cash flows. The Weighted Average Cost of Capital - WAAC method was used to discount cash flows. The Terminal Value was calculated using the perpetuity method, applying a growth rate substantially in line with market evidence for the expected long-term inflation rate for the reference area, based on the values indicated by the International Monetary Fund ((IMF).With reference to the biogas/biomethane business, the recoverable value of the two CGUs identified, CGU AGRI and CGU WASTE, was determined, as value in use, on the basis of the Discounted Cash Flow (DCF) Method, using the 2023-2026 Plan approved by the Board. For both CGUs, cash flows were calculated taking into consideration a longer time horizon compared to the forecast 2023-2026 Plan data approved by the Board, so as to consider all the effects that could have a significant impact on cash flows. The Weighted Average Cost of Capital - WAAC method was used to discount cash flows. 12 According to paragraph 12 of IAS 36.13 As a result of the updated strategic guidelines of the Mobility&Liquefaction Business Unit, as reported in the half-year financial report as of June 30, 2022, in accordance with the provisions of IAS 36 \"Impairment Test,\" instead of the grouping of Mobility CGUs (consisting of Snam 4 Mobility CGU and Cubogas CGU), they were identified as two separate CGUs. As of December 31, 2022, the Cubogas CGU was not included in the scope of CGUs because, as a result of impairments performed during the year, the carrying value of fixed assets pertaining to the CGU was less than 1 million euro.14 The WASTE CGU in addition to the five companies present as of December 31, 2021, Renerwaste S.r.l., Renerwaste Lodi, Ecoprogetto Milano and Ecoprogetto Tortona and Enersi, it also includes the six companies in the Waste business acquired during 2022: Cupello Renerwaste S.r.l., Biowaste CH4 Anzio S.r.l, Biowaste CH4 Foligno S.r.l., Biowaste CH4 Group S.r.l., Biowaste CH4 Genova S.r.l., Biowaste CH4 Tuscania S.r.l.15 The difference compared to the 17 million euro present as of December 31, 2021 is due to the goodwill arising from the Esigen business, which was acquired by Mieci during 2022.16 The agreement, provides that Snam by 2023 will lose control of Iniziative Biometano and certain companies controlled by it, and in the same time frame, provides that IES Biogas will gain direct control of certain companies, now already controlled by the Snam group but directly participated by the same Iniziative Biometano.17 The 20 companies acquired or incorporated by IES Biogas are 1) Societ\u00e0 Agricola Asola Energie Biogas S.r.l., 2) Societ\u00e0 Agricola Tessagli Agroenergie S.r.l., 3) Societ\u00e0 Agricola Santo Stefano S.r.l. 4) Societ\u00e0 Agricola Agrimezzana Biogas S.r.l., 5) Societ\u00e0 Agricola Agrimetano S.r.l. 6) Societ\u00e0 Agricola Carignano Biogas S.r.l.; 7) Emiliana Agroenergia Societ\u00e0 Agricola S.r.l.; 8) Piacentina Agroenergia Societ\u00e0 Agricola S.r.l.; 9) Societ\u00e0 Agricola San Giuseppe Agroenergia S.r.l.; 10) Societ\u00e0 Agricola La Valle Green Energy S.r.l., 11) Societ\u00e0 Agricola Sangiovanni S.r.l.; 12) Societ\u00e0 Agricola G.B.E. Gruppo Bio Energie S.r.l.; 13) Societ\u00e0 Agricola Zoppola Biogas S.r.l.; 14) Societ\u00e0 Agricola SQ Energy S.r.l.; 15) Societ\u00e0 Agricola T4 Energy S.r.l.; 16) Societ\u00e0 Agricola Biostellato 1 S.r.l.; 17) Societ\u00e0 Agricola Biostellato 2 S.r.l.; 18) Societ\u00e0 Agricola Biostellato 3 S.r.l.; 19) Societ\u00e0 Agricola Biostellato 4 S.r.l.; 20) Govone Biometano S.r.l.,while the 4 companies already controlled by the group that will become investees of IES Biogas during 2023 are 1) Biogas Bruso Societ\u00e0 Agricola A R.L.; 2) Maiero Energia Societ\u00e0 Agricola A R.L.; 3) MZ Biogas Societ\u00e0 Agricola A R.L.; 4) Societ\u00e0 Agricola Ariano Biometano S.r.l.The Terminal Value was calculated using the perpetuity method, applying only for the WASTE CGU a growth rate no higher than market evidence for the expected long-term inflation rate, based on the values indicated by the IMF.With reference to the energy efficiency business, the recoverable value of the Energy Solutions CGU grouping was determined as the usage value, on the basis of the Discounted Cash Flow (DCF) Method. Cash flows were calculated taking into consideration a longer time horizon compared to the forecast 2023-2026 Plan data approved by the Board, so as to consider all the effects that could have a significant impact on cash flows. The Weighted Average Cost of Capital - WAAC method was used to discount cash flows. The Terminal Value was calculated using the perpetuity method, applying a growth rate in line with market evidence for the expected long-term inflation rate, based on the values indicated by the IMF.With reference to the Transportation (Snam Rete Gas), Regasification (LNG) and Storage (Stogit) CGUs, the recoverable value was defined as corresponding to the estimate of the value of the Net Invested Capital recognised in these assets for tariff purposes (RAB - Regulatory Asset Base) by the Regulatory Authority for Energy, Networks and the Environment (ARERA), including fixed assets valued using the revalued historical cost method, net working capital flat rate, net of adjustments, including severance indemnities, where applicable, the decommissioning fund and the contributions received. The RAB is also the reference basis for the determination of the service tariffs and, therefore, of the cash flows generated by the activities. With reference to the ITG CGU, the recoverable value of the CGU was calculated as the usage value, based on the Discounted Cash Flow (DCF) Method, using the 2023-2026 Plan approved by the Board. The Terminal Value, consistent with the practice in the energy infrastructure sector, was determined as the disposal value at the end of the plan's time horizon, assuming the recognition of a premium in line with the market evidence examined as at 31 December 2022. For CGUs where the value in use is determined using the Discounted Cash Flow method, the reference discount rate is the WACC (Weighted Average Cost of Capital - WACC), corresponding to the weighted average cost of capital, determined, consistently with the reference doctrine and prevailing methodological practices, based on the following main assumptions:\u2022 Risk Free Rate: the 10-year sovereign bond, issued by the country of reference, in which the CGU (or group of CGUs) operates is used to determine the risk-free rate;\u2022 Equity Risk Premium: the equity risk premium is determined by Snam on the basis of the main and authoritative external sources in the sector;\u2022 Beta Unlevered: calculated as the average figure recorded by the panel of comparable companies identified and specifically selected for each CGU; \u2022 D/E: the debt-to-equity ratio is determined as an average parameter measured by the panel of comparable companies referring to each CGU;\u2022 Beta Relevered: it is calculated starting from the Beta Unlevered using the Hamada formula, which takes into account the tax effect, and the average D/E of the panel of comparable companies considered; \u2022 Reference Rate for the cost of debt: calculated as the average of the Swap Rate of ten-year instruments denominated in Euro;\u2022 Credit Spread: determined as an average parameter measured by the panel of comparable companies specifically selected for each CGU. The application of additional risks (Specific Risk Premium) is also envisaged aimed at reflecting, where applicable, within each discount rate, specific considerations referring to the aspects characterising a CGU (or group of CGUs) such as, for example, risks of business or risks associated with the stage of development of the activities performed.Snam's methodology requires these values to be updated annually and, as at 31 December 2022, the WACCs estimated by the Snam Group and used in the impairment tests were between 5.57% and 8.97%.For all CGUs and CGU groupings, the recoverable value as represented above, was higher than their net book value, including the relevant goodwill, with the exception of the CGU Snam4Mobility. In particular, as at 31 December 2022, the filling station business was affected by: (i) the dynamics of gas prices, which negatively impacted the forecasts for the use of CNG as automotive fuel; (ii) the significant increase recorded in the main parameters (in particular, the risk free rate and the reference rate used to determine the cost of debt) underlying the estimate of the weighted average cost of capital.A comparison between the recoverable amount and the carrying amount of the CGU Snam4Moblity showed a difference in value of 12 million euros, which led to the full write-down of goodwill, amounting to about 7 million euros, as well as of part of the tangible and intangible assets for the remaining amount of about 5 million euros.As required by accounting standard IAS 36, the CGUs subject to impairment testing, whose recoverable value was determined by discounting the expected cash flows deriving from the use of the asset (as well as from its sale at the end of the useful life in some cases), were subjected to a sensitivity analysis of the recoverable amount, in the worst case scenario, which envisages a 0.5 percentage point increase in the discount rate applied during the impairment test. This stress test did not show significantly different results and led, in only one case limited to the WASTE CGU, to an impairment loss of about 5 million euros.",
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"s8_notes__5__57-1": {
"value": "10EQUITY INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD(million euros) 31.12.2021 31.12.2022Ter\u00e9ga Holding S.A.S. 361 398Trans Austria Gasleitung GmbH (TAG) 556 274AS Gasinfrastruktur Beteiligung GmbH 122 93OLT - Offshore LNG Toscana S.p.A. 11 32Iniziative Biometano S.p.A. (*) 13Total equity investments in jointly controlled companies 1,063 797Trans Adriatic Pipeline A.G. (TAP) 310 450Industrie De Nora S.p.A. 463 402Italgas S.p.A. 255 285Senfluga Energy Infrastructure Holding S.A. 139 168Interconnector Limited 61 84Galaxy Pipeline Assets HoldCo Limited. 216 70East Mediterranean Gas Company 41 45dCarbonX Ltd 3 7Total equity investments in associated companies 1,488 1,511Snam Middle East BV Business Services Co. 3 3Snam Gas & Energy Servicies (Bejing) Co., Ltd. 2 2Snam North America LLC 2Snam International (UK) Ltd 2Total equity investments in subsidiaries 9 5TOTAL EQUITY INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD 2,560 2,313(*) The company entered the scope of consolidation on 11 April 2022.Changes during the year are detailed in the following table. Equity Equity Equity investments in investments (million euros)investments in Totaljointly controlled in associated subsidiaries (*)companiescompaniesBalance at 01.01.2021 1,007 916 1,923Acquisitions and subscriptions 520 8 528Assignments and reimbursements (1) (65) (66)Dividends received (60) (122) (182)Effect of equity-accounting method- Portion recognised in income statement 112 182 294- Portion recognised in the comprehensive 1 58 59 income statementOther changes 4 (1) 1 4Balance at 31.12.2021 1,063 1,488 9 2,560Acquisitions and subscriptions 5 5Assignments and reimbursements (86) (86)Dividends received (15) (92) (107)Effect of equity-accounting method- Portion recognised in income statement 107 37 144- Portion recognised in the comprehensive 16 114 130 income statementValue Reinstatements/(Value Reductions) (365) 31 (2) (336)Other changes (9) 14 (2) 3Balance at 31.12.2022 797 1,511 5 2,313(*) Equity investments refer to unconsolidated subsidiaries valued using the equity method.Disposals and redemptions (86 million euros) refer essentially to the sale of shares of Industrie De Nora S.p.A. for the purpose of listing the company on the stock exchange, a transaction after which Snam holds 25.79% of the share capital (35.63% prior to the IPO), also taking into account capital increases of the same company that were not subscribed.Dividends received (107 million euros) mainly concern the associated companies Italgas (32 million euros), Interconnector Limited (23 million euros), Galaxy (19 million euros) and Senfluga (11 million euros) and the jointly controlled company Ter\u00e9ga (15 million euros).The effect of the equity-accounting method recognised in income statement (144 million euros) refers to the share of the net results of companies valued using the equity method, mainly referring to jointly controlled and associated companies (positive results for totally 296 million euros and negative results for totally 152 million euros, of which 148 million euros related to associated company Galaxy Pipeline Assets HoldCo Limited.The effect of the equity-accounting method recognised in the statement of comprehensive income (130 million euros) is mainly attributable to the change in the fair value of hedging derivative financial instruments of the associate TAP and to exchange rate differences (euros/dollars) of the associate Galaxy Pipeline Assets HoldCo Limited.The macroeconomic context has been marked over the past 12 months by the presence of a significant inflationary phenomenon to which the major central banks, including the ECB, have responded with significant and repeated increases in their respective key interest rates. Therefore, as at 31 December 2022, Snam subjected all the main CGUs represented by the equity investments held in jointly controlled companies and associated companies to impairment tests, verifying their recoverability by comparing their book value and their recoverable value, represented by the higher of fair value and value in use. In particular, for carrying out the impairment test, the recoverable value of the equity investments was determined in the configuration of value in use on the basis of the Dividend Discount Model (DDM) or Discounted Cash Flow (DCF) methodology, with the exception of equity in Italgas S.p.A. and Industrie De Nora S.p.A., associated companies, for which the recoverable value was determined on the basis of market quotations at the closing date of the financial year.As of 31 December 2022, the discount rates estimated by the Snam group and used in preparing the impairment tests ranged between 5.75% and 8.24% for CGUs measured using the DDM, and between 4.97% and 8.44% for CGUs measured using the DCF. With reference to the stake held by Snam S.p.A. (84.47%) in TAG, the company owning the pipeline that transports Russian gas to Italy through Austria, passing through Ukraine, Slovakia and up to the Tarvisio entry point, the continuation of the Russia-Ukraine conflict, which began in February 2022, led to a significant reduction in gas flows from Russia in the year recorded at the Baumgarten entry point, equal to about 52.6% compared to 2021, with a consequent reduction in the volumes imported from the Tarvisio entry point (from about 29 billion standard cubic metres in 2021 to about 14 billion standard cubic metres in 2022). In addition, around 85% of the long-term transport capacity contracts expired on 31 December 2022. In a scenario characterised by significant uncertainties about duration and outcome of the conflict, with actions already taken by some states that will lead to the gradual independence of Europe from Russian gas, Snam determined the estimated recoverable amount of the investment based on a multi-scenario approach, attributing a probability of occurrence to each of the scenarios considered. By multiplying the value in use emerging from each of the scenarios considered by the probability of occurrence attributed to them, the recoverable value was thus determined, resulting in a write-down of the equity investment held in TAG of 340 million euros, with a value as at 31.12.2022 of 274 million euros.At the same time, the company is actively cooperating with the competent Austrian authorities on the definition of the regulatory framework applicable from 2025 (regulatory period 2025-2028) in light of the changed context in which the company operates. With reference to the stake held by Snam S.p.A. (40%) in AS Gasinfrastruktur Beteiligung GmbH, the rise in interest rates, which adversely affected the recoverable value, resulted in a write-down of the investment by 25 million euros, with a value as at 31 December 2022 of 93 million euros. It should be noted that the operating company, GCA, used its interconnection points with Germany during 2022 to ensure the security of supply in Austria and, at the same time, the attainment of the domestic storage filling target. In addition, as of 31 December 2022, the company has long-term transport capacity contracts with gradual expiry dates up to 2031.With reference to Snam's indirect investment, through Snam International B.V. (23.68%), in Interconnector Limited, due to the significant capacity subscriptions that took place in 2022, favoured by the dynamics of gas prices between the UK and the Continent, the company revalued, within the limits of the recoverable value, its investment, written down in previous years for an amount of 31 million euros. The capacity subscriptions made in 2022 also guarantee visibility for the coming years and at least until 2026. 18With the exception of the shareholding in TAP, no collateral is provided. Consolidated companies, joint ventures, associates and other significant equity investments are indicated separately in the Annex to the Notes to the Consolidated financial statements \u201cEquity investments of Snam S.p.A. at 31 December 2022\u201d, which is an integral part of these Notes. In accordance with the provisions of IFRS 12 - \u201cDisclosure of interests in other entities\u201d, the economic and financial data for joint ventures and associates for the financial years ended 31 December 2021 and 31 December 2022 are provided below.18 For further information, please refer to Note no. 26.1.1 \u201cGuarantee given on behalf of the associate TAP\u201d.33 GAINS (LOSSES) ON EQUITY INVESTMENTS(million euros) 2021 2022Gains from investments accounted for using the equity method 296 296Losses from investments accounted for using the equity method (2) (152)Portion of gains or losses of investments accounted for using the equity method 294 144Other gains on investments 79Other losses on investments (361)Other gains (losses) from equity investments (282)TOTAL NET GAINS (LOSSES) ON EQUITY INVESTMENTS 294 (138)An analysis of the share of gain or loss of investments accounted for using the equity method is given in Note 10 \"Investments accounted for using the equity method\".Other income from equity investments mainly relates to the gain from the sale of shares in Industrie De Nora S.p.A. for the purpose of listing the company on the stock exchange, and other income related to capital increases of the same company not subscribed by Snam (73 million euros in total, net of ancillary charges), transactions after which Snam holds 25.79% of the company's share capital (35.63% prior to the IPO).Other losses on equity investments mainly relate to the write-down of the equity investment held by Snam S.p.A. (84.47%) in TAG (340 million euros).",
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"value": "10.1 Equity investments in jointly controlled companiesThe economic and financial data relating to each investment in jointly controlled companies deemed significant, referring 19to the financial statement values prepared according to IFRS standards of the associate companies, are reported below:31.12.2021Ter\u00e9ga Holding Trans Austria AS Gasinfrastruktur (million euros)S.A.S.Gasleitung GmbHBeteiligung GmbHCurrent assets 106 130 2- of which cash and cash equivalents 20 81 2Non-current Assets 2,989 1,140 589Total assets 3,095 1,270 591 Current liabilities (114) (218) (3)- of which current financial liabilities (19) (132) (3)Non-current liabilities (2,090) (429) (283)- of which non-current financial liabilities (1,793) (280) (40)Total liabilities (2,204) (647) (286)TOTAL ASSETS 891 623 305 Equity investments held by the Snam Group % (*) 40.50% 89.22% 40.00%Total net assets attributable to the Snam Group 361 556 122 EQUITY INVESTMENTS ACCOUNTED FOR USING 361 556 122 THE EQUITY METHODOperating revenues and income 440 290 Operating costs and expenses (152) (125)Depreciation, amortisation and impairment losses (109) (62)Operating profit/loss 179 103 Financial income 1Financial expense (39) (4) (6)Share of profit or losses of investments accounted for using (5) 20the equity methodIncome taxes (38) (25)PROFIT FOR THE YEAR 97 74 15 Other components in the comprehensive income statement (1) 2TOTAL COMPREHENSIVE INCOME 96 74 17 Equity investments held by the Snam Group % (*) 40.50% 89.22% 40.00%Total comprehensive income statement held by Snam 39 66 7 (*) The equity investment in Trans Austria Gasleitung GmbH is valued on the basis of the percentage of economic rights held.19 Unless otherwise indicated, the financial statement figures for jointly controlled companies, reported in full, have been updated to include adjustments made by the Parent Company pursuant to the equity-accounting method. The aforementioned amounts relate to the preliminary and/or approved reporting packages.31.12.2022Ter\u00e9ga Holding Trans Austria AS Gasinfrastruktur (million euros)S.A.S.Gasleitung GmbHBeteiligung GmbHCurrent assets 72 124 2- of which cash and cash equivalents 72 53 2Non-current Assets 3,051 1,095 571Total assets 3,123 1,219 573 Current liabilities (135) (135) (3)- of which current financial liabilities (121) (32) (3)Non-current liabilities (2,008) (396) (276)- of which non-current financial liabilities (1,704) (261) (33)Total liabilities (2,143) (531) (279)TOTAL ASSETS 980 688 294 Equity investments held by the Snam Group % (*) 40.50% 89.22% 40.00%Total net assets attributable to the Snam Group 397 614 118 Reductions/increases in value 1 (340) (25)EQUITY INVESTMENTS ACCOUNTED FOR USING 398 274 93 THE EQUITY METHODOperating revenues and income 468 447 Operating costs and expenses (170) (286)Depreciation, amortisation and impairment losses (109) (63)Operating profit/loss 189 98 Financial income 1Financial expense (32) (10) (7)Share of profit or losses of investments accounted for using (4)the equity methodIncome taxes (39) (23)PROFIT FOR THE YEAR 118 65 (10)Other components in the comprehensive income statementTOTAL COMPREHENSIVE INCOME 118 65 (10)Equity investments held by the Snam Group % (*) 40.50% 89.22% 40.00%Total comprehensive income statement held by Snam 48 58 (4)(*) The equity investment in Trans Austria Gasleitung GmbH is valued on the basis of the percentage of economic rights held.Ter\u00e9ga Holding S.A.S.Ter\u00e9ga Holding S.A.S. is a company operating under French law which controls Ter\u00e9ga S.A. and Ter\u00e9ga Solutions S.A.S., through Ter\u00e9ga S.A.S., wholly-owned by Ter\u00e9ga Holding S.A.S.Ter\u00e9ga S.A. operates in the transportation and storage of natural gas in south-west France. Natural gas transportation and storage activities in France are subject to regulation.Ter\u00e9ga Solutions S.A.S. is a company operating in non-regulated activities, whose objective is to develop solutions oriented towards the energy transition: biomethane, hydrogen, multi-energy and digital.As of 31 December 2022, Ter\u00e9ga Holding S.A.S. was an investee company of Snam S.p.A. (40.5%), Pacific Mezz Luxembourg Sarl (GIC) (31.5%), Ouestgaz SAS (EDF) (18), Pr\u00e9voyance Dialogue du Cr\u00e9dit Agricole SA (10%) and Cr\u00e9dit Agricole Assurances Retraite SA (1%). Ter\u00e9ga Holding S.A.S.\u2019s consolidated financial statements include Ter\u00e9ga Holding S.A.S., Ter\u00e9ga S.A.S, Ter\u00e9ga S.A. and Ter\u00e9ga Solutions S.A.S.Corporate governance rules provide that decisions on certain matters of particular interest to the company must be taken with the favourable vote of Snam and GIC shareholders.The interest payment to shareholders on the nominal amount of the 470 million euros convertible bond loan (of which Snam has subscribed 190 million euros) may be deferred at the discretion of the issuer Ter\u00e9ga S.A.S.. Trans Austria Gasleitung Gmbh (TAG) Trans Austria Gasleitung GmbH (TAG) is a company operating under Austrian law that is active in the natural gas transportation segment. It owns the gas pipeline that links the Slovakian- Austrian border to the Tarvisio entry point in Italy.Natural gas transportation in Austria is a regulated activity. As at 31 December 2022, Snam S.p.A. holds 84.47% of the share capital, entitling it to 89.22% of the economic rights. The remainder of the share capital (15.53%) is held by Gas Connect Austria GmbH (GCA).The contractual agreements drawn up between Snam, TAG and GCA also stipulate that if TAG is not capable of self-financing, in some specific cases, the other companies must finance it according to the equity investment held by each shareholder.Corporate governance rules provide that decisions on certain relevant activities must be taken with the unanimous consent of all members of the Supervisory Board, composed of Snam and GCA representatives, as well as employee representatives as required by Austrian law. AS Gasinfrastruktur Beteiligung GmbHAS Gasinfrastruktur Beteiligung GmbH is an Austrian company jointly controlled by Snam S.p.A. and the Allianz group, with holdings of 40% and 60% respectively.The company holds 100% of the Austrian company AS Gasinfrastruktur GmbH, which in turn holds 49% of the share capital of Gas Connect Austria GmbH (GCA), which is 51% controlled by Verbund.Corporate governance rules of AS Gasinfrastruktur Beteiligung GmbH stipulate that decisions at management level must be taken by simple majority with the favourable vote of a Managing Director of Snam and one of Allianz.",
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"value": "10.2 Investments in associatesThe economic and financial data relating to investments in associates considered significant, referring to the financial 20statement values prepared according to IFRS standards of the investee companies, are reported below: 31.12.2021Galaxy Sen\ue7aeuga Trans Adriatic Pipeline Industrie Energy Interconnector (million euros)Pipeline A.G. Italgas S.p.A.Assets De Nora Infrastructure Limited(TAP)HoldCo S.p.A.Holding S.A. Limited Current assets 533 2,177 201 69 196 519Non-current Assets 4,439 7,951 816 625 8,419 632Total assets 4,972 10,128 1,017 694 8,615 1,151Current liabilities (407) (1,347) (130) (47) (97) (469)Non-current liabilities (3,472) (6,638) (376) (141) (6,801) (110)Total liabilities (3,879) (7,985) (506) (188) (6,898) (579)TOTAL ASSETS 1,093 2,143 511 506 1,717 572- attributable to third parties 251 254 1 4- attributable to the investee 1,093 1,892 257 505 1,717 568shareholders Equity investments held 20% 13.49% 54% 23.68% 12.327% 35.63%by the Snam Group %Total net assets attributable 219 255 139 120 212 202to the Snam GroupGoodwill 91 5 261Reductions/increases in value (59) EQUITY INVESTMENTS ACCOUNTED 310 255 139 61 217 463FOR USING THE EQUITY METHODRevenue 767 1,371 215 58 655Operating profit/loss 456 583 92 35 (4) 88NET RESULT 289 381 62 28 204 67Other components in the 108 13 5 202 16comprehensive income statementTOTAL COMPREHENSIVE INCOME 397 394 67 28 406 83- attributable to third parties 12 21 - attributable to the investee397 382 46 28 406 83 shareholders TOTAL GROUP COMPREHENSIVE 397 394 67 28 406 83INCOME STATEMENTEquity investments held 20% 13.49% 54% 23.68% 12.327% 35.63%by the Snam Group %Total comprehensive income statement attributable 79 52 25 7 50 29to the Snam Group20 The financial statement figures for associates, reported in full, have been updated to include adjustments made by the Parent Company pursuant to the equity-accounting method. The aforementioned amounts relate to the preliminary and/or approved reporting packages. With regard to the company Industrie De Nora, the last reporting package subject to a full audit is that of 31 December 2021. During 2022, Snam adjusted the value of the investment to take into account: (i) the effects related to the IPO, completed in June, including the capital increases functional to the transaction itself and the distribution of dividends; (ii) the estimated net profit for the year 2022.31.12.2022Galaxy Sen\ue7aeuga Trans Adriatic Pipeline Energy Interconnector (million euros)Pipeline A.G. Italgas S.p.A.Assets Infrastructure Limited(TAP)HoldCo Holding S.A. Limited Current assets 892 1,862 358 267 198Non-current Assets 4,615 9,138 904 587 7,208Total assets 5,507 11,000 1,262 854 7,406Current liabilities (546) (1,421) (256) (72) (47)Non-current liabilities (3,168) (7,176) (435) (321) (6,827)Total liabilities (3,714) (8,597) (691) (393) (6,874)TOTAL ASSETS 1,793 2,403 571 461 532- attributable to third parties 282 259- attributable to the investee shareholders 1,793 2,121 312 461 532Equity investments held 20% 13.49% 54% 23.68% 12.327%by the Snam Group %Total net assets attributable 359 285 168 109 66to the Snam GroupGoodwill 91 5Reductions/increases in value (25)EQUITY INVESTMENTS ACCOUNTED 450 285 168 84 70FOR USING THE EQUITY METHODRevenue 874 2,279 324 197Operating profit/loss 653 1,117 121 115 (3)NET RESULT 298 436 82 75 (1,203)Other components in the comprehensive 399 52 21 174income statementTOTAL COMPREHENSIVE INCOME 697 488 103 75 (1,029)- attributable to third parties 27 33- attributable to the investee shareholders 697 461 70 75 (1,029)TOTAL GROUP COMPREHENSIVE 697 488 103 75 (1,029)INCOME STATEMENTEquity investments held 20% 13.49% 54% 23.68% 12.327%by the Snam Group %Total comprehensive income statement 139 61 38 18 (127)attributable to the Snam GroupTrans Adriatic Pipeline A.G. (TAP) Trans Adriatic Pipeline A.G. (TAP) is a Swiss company established to design, develop, build and operate the gas pipeline extending from the Greek-Turkish border to Italy (at the entry point in San Foca-Melendugno), crossing Greece and Albania. Construction of the pipeline has been completed and the asset has been commercially operational as of 15 November 2020.As at 31 December 2022, TAP is an investee company of Snam International B.V. (20%), AzTAP GmbH (20%), BP Pipelines 21TAP Limited (20%), Fluxys Europe B.V. (19%), Enagas Internacional S.L.U. (16%) and Axpo Trading A.G. (5%).Under current corporate governance rules, none of TAP\u2019s shareholders is able to exercise control over the company, including in a joint capacity.21 On 27 January 2023 Axpo Trading A.G. signed an agreement for the sale of its entire stake in TAP to Enagas (4%) and Fluxys (1%) for a total amount of approximately 210 million euro; completion of the transaction is expected by the second half of 2023; at the end, each shareholder will hold 20% of the capital of TAP.Italgas S.p.A. Italgas S.p.A. is an Italian company that controls 100% of Italgas Reti S.p.A., Geoside S.r.l., Bludigit S.p.A., Italgas Newco S.r.l. and Italgas Acqua S.p.A., companies operating in the natural gas distribution sector in Italy, energy efficiency, IT services and the management of the water service in five municipalities in Campania.At 31 December 2022, Italgas S.p.A. is an investee company of Snam (13.5%) and C.D.P. Reti S.r.l. (26.05%), with the remainder held by third-party shareholders.On 7 November 2016, the unbundling of the natural gas distribution business from Snam S.p.A., the shareholders\u2019 agreement signed on 20 October 2016 between the Company, CDP Reti S.p.A. and CDP Gas S.r.l. concerning all shares held by each of them in Italgas S.p.A. became effective. The Shareholders' Agreement, as at the date hereof, constitutes a voting and block syndicate, with the right for Snam to withdraw early in the event that, in the event of Snam\u2019s dissenting vote on the syndicated shares on certain reserved matters of an extraordinary nature, Snam does not sell its shareholding in Italgas within the following 12 months (\u201cAccelerated Exit\u201d). Transfers of Snam\u2019s equity investment in Italgas S.p.A. (including in the event of an Accelerated Exit) are subject not only to advance approval by CDP Reti, but also to the subrogation of a third party. In addition, Snam may not increase its equity investment. The agreement has a three-year term that is renewable barring notice of termination; in the event that Snam does not renew, CDP Reti shall have an option to purchase at fair market value Snam\u2019s equity investment in Italgas.Senfluga Energy Infrastructure Holding Senfluga Energy Infrastructure Holdings S.A. is a company under Greek law owned by Snam S.p.A. (54%), Enag\u00e1s Internacional S.L.U. (18%), Fluxys Europe B.V. (18%) and DAMCO Energy S.A. (10%), which owns a 66% stake in Hellenic Gas Transmission System Operator S.A. (DESFA), Greece's national natural gas infrastructure operator. DESFA owns and manages a regulated system for a high pressure transportation network covering around 1,500 km, as well as a regasification terminal at Revithoussa. Greece, an important crossroads for the diversification of procurement and the opening of new natural gas routes in Europe, has further development potential as a south-east European hub.Under current corporate governance rules, Snam has negative sole control over Senfluga (and, through it, over DESFA), while Senfluga has sole control over DESFA. Galaxy Pipeline Assets Holdco Limited Galaxy Pipeline Assets Holdco Limited (\"HoldCo\") holds 100% of Galaxy Pipeline Assets Bidco Limited (\"BidCo\"), which in turn holds a 47.7% stake in ADNOC Gas Pipeline Assets LLC (\"AssetCo\"). Snam holds a 12.327% interest in the international consortium, consisting of GIP III Galaxy HoldCo II Limited (GIP), Infracore Investment Holdings Limited, Raffles Infra Holdings Limited, NH Galaxy Pipeline Holdco Limited, Galaxy Pipeline Assets Topco Limited.AssetCo, a subsidiary of ADNOC (Abu Dhabi National Oil Company), holds a twenty-year lease on ADNOC\u2019s strategic assets relating to gas and LNG transportation in the United Arab Emirates; the management and use of these assets are held by ADNOC for the same twenty-year term. Snam is the only industrial operator in the consortium, representing an important investment opportunity in a strategic infrastructure in the Gulf area.The rules of governance provide that decisions on certain matters of particular interest to the company must be taken by a reinforced majority vote or unanimously. Interconnector LimitedInterconnector Limited is a company under British law that owns the two-way pipeline that joins the United Kingdom to Belgium and the rest of Europe. As at 31 December 2022, Interconnector Limited is an investee company of Snam International B.V. (23.68%) and Fluxys UK Ltd (76.32%). Interconnector Limited directly holds 48% of the Dutch company Interconnector Zeebrugge Terminal BV (in turn 25% owned by Snam International BV) and 1% indirectly through Interconnector Leasing company Ltd.The governance of Interconnector Limited is structured in such a way as to ensure in some case veto rights in favour of Snam International B.V., aimed at protecting the investment and supervising certain decisions of particular importance to Snam International B.V.Industrie De Nora S.p.A.Industrie De Nora, an Italian company founded in 1923, is a global supplier of innovative technologies and solutions for water treatment. The Company has significant growth prospects due to its exposure to two mega-trends in the energy transition, namely green hydrogen production and water treatment.As of 30 June 2022, the Company is listed on Euronext Milan, a regulated market organised and managed by Borsa Italiana S.p.A.At 31 December 2022, Snam S.p.A. held 25.79% of the share capital of Industrie De Nora through Asset Company 10 S.r.l. Individually non-significant minor equity investments in joint ventures and associatesIn addition to the investments in companies discussed above, the following are the carrying amounts of the individually non-significant equity investments in a jointly controlled company and in two associated companies, accounted for using the equity method:(million euros) 2022Aggregate value of individually minor equity investments in joint ventures 84 Snam Group's share of profit/(loss) for the year 6 Share of other components in the comprehensive income statement attributable to the Snam Group 16 TOTAL SHARE OF COMPRHENSIVE INCOME ATTRIBUTABLE TO THE SNAM GROUP 22",
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"value": "11 OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS31.12.2021 31.12.2022(million euros)Non-Non-CurrentTotal CurrentTotalcurrentcurrentLong-term financial receivables 1 301 302 2 116 118Minority investment accounted at FVTOCI 94 94 52 52Short-term financial receivables- short-term over 90 days 5 5 1 1Other 2 2 4 4TOTAL OTHER CURRENT AND NON-CURRENT 6 397 403 3 172 175FINANCIAL ASSETSLong-term financial receivables amounted to 118 million euros and decreased by 184 million euros compared to 31 December 2021, mainly due to the repayment by OLT of a principal portion of the outstanding shareholder loan, against the simultaneous refinancing of the company on the banking market. Minority interests valued at FVTOCI (52 million euros) essentially relate to the valuation of the shares held by Snam in the capital of ITM Power PLC (2.082% stake), in the capital of Terminale GNL Adriatico S.r.l. (7.3% stake) and in the capital of Storegga Limited (5% stake), respectively amounting to 13 million euros (59 million euros at 31 December 2021), 27 million euros (34 million euros at 31 December 2021) and 10 million euros. Movements during the year in respect of investments valued at FVTOCI are analysed as follows: (million euros)Value as at 31.12.2021 94Acquisitions and subscriptions 11Change in fair value through other components in the comprehensive income statement (44)Assignments and reimbursements (9)Value as at 31.12.2022 52",
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"s8_notes__5__60": {
"value": "11 OTHER CURRENT AND NON-CURRENT FINANCIAL ASSETS31.12.2021 31.12.2022(million euros)Non-Non-CurrentTotal CurrentTotalcurrentcurrentLong-term financial receivables 1 301 302 2 116 118Minority investment accounted at FVTOCI 94 94 52 52Short-term financial receivables- short-term over 90 days 5 5 1 1Other 2 2 4 4TOTAL OTHER CURRENT AND NON-CURRENT 6 397 403 3 172 175FINANCIAL ASSETSLong-term financial receivables amounted to 118 million euros and decreased by 184 million euros compared to 31 December 2021, mainly due to the repayment by OLT of a principal portion of the outstanding shareholder loan, against the simultaneous refinancing of the company on the banking market. Minority interests valued at FVTOCI (52 million euros) essentially relate to the valuation of the shares held by Snam in the capital of ITM Power PLC (2.082% stake), in the capital of Terminale GNL Adriatico S.r.l. (7.3% stake) and in the capital of Storegga Limited (5% stake), respectively amounting to 13 million euros (59 million euros at 31 December 2021), 27 million euros (34 million euros at 31 December 2021) and 10 million euros. Movements during the year in respect of investments valued at FVTOCI are analysed as follows: (million euros)Value as at 31.12.2021 94Acquisitions and subscriptions 11Change in fair value through other components in the comprehensive income statement (44)Assignments and reimbursements (9)Value as at 31.12.2022 52",
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"s8_notes__5__62": {
"value": "12 INVENTORIES CURRENT AND NON-CURRENT AND THIRD-PARTY NATURAL GAS IN STORAGE31.12.2021 31.12.2022(million euros)for for Gross Net Gross Net Impairment Impairment valuevaluevaluevaluelosseslossesRaw materials and consumables 102 (13) 89 848 (15) 833Finished products and goods 64 (32) 32 2,403 (34) 2,369Total current inventories 166 (45) 121 3,251 (49) 3,202Total non-current inventories - Compulsory inventories 363 363 363 363TOTAL INVENTORIES CURRENT AND NON-CURRENT 529 (45) 484 3,614 (49) 3,565Current inventories (3,202 million euros, net of the provision for impairment losses) increased by 3,081 million euros, mainly due to purchases made to ensure the security of gas supplies in Italy for the coming winter. In particular, purchases were made in implementation of the following Authority Resolutions: (i) Resolution 165/2022/R/Gas, which provided for the procurement by Snam Rete Gas of volumes to cover system gas (about 0.6 billion cubic metres for a total countervalue of 706 million euros as at 31 December 2022); (ii) Resolution 274/2022/R/Gas, which defined the provisions for the filling 22service of last resort (about 1.4 billion cubic metres for a total countervalue of 2,348 million euros).The value of the inventories of gas purchased against these resolutions is offset by the recognition, for the same amount, of balance sheet liabilities.The provision for impairment losses essentially relates to the write-down (30 million euros), made in 2014, of 0.4 billion cubic metres of natural gas used in storage activities against strategic gas unduly withdrawn by some service users during 232010 and 2011.Non-current inventories include minimum quantities of natural gas that the storage companies are obliged to hold pursuant to Presidential Decree no. 22 of 31 January 2001 (so-called Compulsory inventories). The quantities of gas in storage, corresponding to approximately 4.5 billion standard cubic metres of natural gas, are 24determined annually by the Ministry of Economic Development.Inventories are not pledged to guarantee. Inventories do not secure liabilities, nor inventories recognised at net realisation value. 22 Against the increase in gas inventories, liabilities of equal amounts were recognised, representing the company's obligation to the regulator on the use of gas (Resolution 165/2022/R/gas, 706 million euros) and on the relegation of the amounts obtained from the sale of the relevant quantities of gas (Resolution 274/2022/R/Gas, 2,348 million euros). 23 For more information regarding the progress of the lawsuits under way, see Note 27.3.2 \u201cRecovering receivables from users of the storage system\u201d. 24 On 10 January 2022, the Ministry confirmed the total volume of strategic storage for the contractual year 2022-2023 (01 April 2022 - 31 March 2023) at 4.62 billion cubic metres or approximately 48,846 gigawatt hours GWh, unchanged compared with the thermal year 2021-2022 (01 April 2021-31 March 2022). The Stogit share was unchanged at 4.5 billion cubic metres. 12.1 Third-party natural gas in storageRisks for third-party assets in storage, amounting to 9,574 million euros(3,653 million euros at 31 December 2021), relate to approximately 7 billion cubic metres of natural gas deposited in storage facilities by customers benefiting from the service. The amount was determined by valuing the quantities of gas stored at the assumed unit repurchase cost, which is approximately 1.32 euros per standard cubic metre (0.54 euros per standard cubic metre at 31 December 2021).",
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"s8_notes__5__63": {
"value": "13 OTHER CURRENT AND NON-CURRENT ASSETS31.12.2021 31.12.2022(million euros)Non-Non-CurrentTotal CurrentTotalcurrentcurrentVAT credits 201 201 23 23Market value of derivative cash flow hedges- Fair value interest rate hedging derivatives 2 2 4Prepaid expenses 9 14 23 13 9 22Assets arising from contracts with customers 34 34 22 22Regulatory activities 17 40 57 42 74 116Security deposits 13 13 14 14Ecobonus/Sismabonus credits 12 21 33 13 72 85Other tax credits 4 4Other 1 1 17 7 24TOTAL OTHER CURRENT AND NON-CURRENT ASSETS 273 89 362 136 178 314VAT receivables (23 million euros) decreased by 178 million euros mainly as a result of a non-recourse assignment transaction entered into by Snam S.p.A. relating to receivables from the 2021 and 2022 tax years, with a total nominal value of 170 million euros.It should also be noted that on 5 August 2022, Evolve S.p.A. executed a non-recourse assignment transaction of Ecobonus and Superbonus credits for a nominal value of 43 million euros, against the invoice discount applied by the same to its customers on the amount due in relation to the interventions carried out pursuant to the Relaunch Decree.Assets arising from the valuation at market value of cash flow hedge derivatives (4 million euros in total) refer to two Interest Rate Swap (IRS) derivative contracts. IRS contracts are used to hedge the risk of interest rate fluctuations on a bond loan, with a nominal amount of 106 million euros. Through derivatives, floating rate liabilities are converted into fixed rate liabilities.The main characteristics of the derivatives in question are summarised in the tables below:INTEREST RATE SWAP(million euros)Contract Remaining Nominal Nominal Market Market Type of derivative Contract Snam Snam e\ue7aaective duration Value Value Value Value contractexpiry datepaysreceivesdate(years)31.12.202131.12.202231.12.202131.12.2022Euribor 3 Interest Rate Swap2 August 2017 2 August 20241,6 0.4360%106 106 (2) 4mesiEuribor 3 Interest Rate Swap 31 July 2018 31 July 2022 0.1250%150 (1)mesiTOTAL INTEREST RATE SWAP 256 106 (3) 4The fair value hedging derivatives and their classification as a current or non-current asset/liability have been determined using generally accepted financial measurement models and market parameters at the end of the period.Information on the risks hedged by the derivatives and on policies adopted by the Company to hedge against these risks is provided in Note 27 - Financial risk management\u201d.Prepaid expenses (22 million euros) mainly refer to upfront fees and the substitute tax on revolving credit lines (18 million euros).Security deposits (14 million euros) provided to support operating activities, mainly in connection with the natural gas transportation segment.Assets from contracts with customers (22 million euros) refer to contract work in progress on biogas plants.",
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"s8_notes__5__81": {
"value": "27 - Financial risk management\u201d.Prepaid expenses (22 million euros) mainly refer to upfront fees and the substitute tax on revolving credit lines (18 million euros).Security deposits (14 million euros) provided to support operating activities, mainly in connection with the natural gas transportation segment.Assets from contracts with customers (22 million euros) refer to contract work in progress on biogas plants.14 CASH AND CASH EQUIVALENTSCash and cash equivalents of 1,757 million euros (1,337 million euros at 31 December 2021) consist mainly of current accounts and bank deposits in euros (1,659 million euros), which represent the use of cash held for the Group\u2019s financial needs, and cash and cash equivalents from subsidiaries (in total 97 million euros).The average yield on cash investments is approximately 0.18% and there are no restrictions on their use.A comprehensive analysis of the financial situation and major cash commitments during the year can be found in the Cash Flow Statement.15 TRADE RECEIVABLES AND OTHER RECEIVABLES (million euros) 31.12.2021 31.12.2022Trade receivables, gross of provision for impairment losses 2,814 4,344Provision for bad debt (85) (100)Total trade receivables 2,729 4,244Other receivables - Other receivables from the Energy and Environmental Services Fund (CSEA) 552 260- Advances to suppliers 24 50- Investment credits 11 50- IRES receivables for domestic tax consolidation to former parent company 10 10- Other 5 10Total other receivables 602 380TOTAL TRADE RECEIVABLES AND OTHER RECEIVABLES 3,331 4,624Trade receivables (4,244 million euros, net of the bad debt provision), mainly relate to the transportation (3,151 million euros), energy transition (807 million euros) and natural gas storage (251 million euros) sectors.Trade receivables relating to the storage sector include VAT receivable invoiced to users in previous years for the use of 25strategic gas collected and not replenished (77 million euros, unchanged from 31 December 2021).Trade receivables include receivables and invoices to issue from customers related to energy efficiency projects (648 million euros) pending conversion into tax credits for ecobonus.The fair value measurement of trade and other receivables does not have a significant effect given the short period of time between the origination of the receivable and its maturity and the contractual terms. 25 For more details, please refer to note no. 27.3.2 \"Recovery of claims against storage system users\".The provision for bad debt (100 million euros) mainly concerns the write-downs made in previous years on receivables arising from the balancing service, against Resolution 608/2015/R/gas by which the Authority ordered the partial recognition, to the balancing manager (Snam Rete Gas), of uncollected receivables relating to the period from 1 December 262011 to 23 October 2012 (70 million euros, including related interest). Other receivables from CSEA mainly refer to settlement receivables (202 million euros) of Snam Rete Gas. Investment receivables (50 million euros) refer to the advance payments made on the basis of contractual agreements signed with the counterparty for the purchase of the FSRU vessel 'BW Singapore'(42 million euros), the closing of which is expected by the end of 2023, and receivables for works for interferences with third parties related to the transportation segment (so-called recharges). IRES receivables for the national tax consolidation regime (10 million euros) mainly related to receivables from the former parent company, Eni, relating to the IRES refund request resulting from the partial IRAP deduction relating to tax years 2007 to 2011 (pursuant to Decree-Law 201/2011).All receivables are in euros. Receivables from related parties are described in Note 37 \u201cTransactions with related parties\u201d. Specific information on credit risk can be found in Note 25.3 \u201cFinancial risk management - Credit risk\u201d. 16 CURRENT AND NON-CURRENT INCOME TAX ASSETS/LIABILITIES (million euros) 31.12.2021 31.12.2022- Receivables from tax authorities for IRES 11 47- Receivables from tax authorities for IRAP 3TOTAL CURRENT INCOME TAX ASSETS 11 50- Payables to tax authorities for IRES (36) (5)- Payables to tax authorities for IRAP (1) (2)- Other tax liabilities (13) (14)TOTAL CURRENT LIABILITIES FOR INCOME TAXES (50) (21)Other tax liabilities (14 million euros) refer to substitute tax liabilities relating to the tax realignment pursuant to the Decree-Law of 14 August 2020.In relation to activities of a fiscal nature, it should be noted that, since the company constantly invests in Research and Development and Technological Innovation activities, subsequent to the end of the current financial year, the calculations relating to the tax credit accrued on an accrual basis pursuant to Law no. 160/2019, paragraphs 198-207, as amended by Law no. 178/2020 and Law no. 234/2021, will be finalised, and the preparation of the documentation supporting this credit (so-called documentary expenses) will be completed. An estimate of the amount of this tax credit is not available at the time of preparation of this document.Taxes for the year under review are shown in Note 34 \u201cIncome taxes\u201d.26 Pursuant to the provisions of Resolution 608/2015/R/gas, the Company made a provision for impairment losses for a value of approximately 125 million euros, which, following the Council of State's ruling of 5 March 2020, was released at a value of approximately 35 million euros. During the financial year 2021, an amount of 20 million euros was written off for the conclusion of a bankruptcy procedure concerning a user. As at 31 December 2022, the value of the provision for bad debt amounted to 70 million euros (70 million at 31 December 2021) and related to the balancing receivables due to the Company from certain customers with whom bankruptcy proceedings are in progress.17 ASSETS HELD FOR SALE AND DIRECTLY ASSOCIATED LIABILITIES Assets held for sale (84 million euros) and directly associated liabilities (17 million euros) refer to the set of assets and liabilities arising from the consolidation of controlling interests held by Iniziative Biometano S.p.A., a company 51% owned by Snam through its wholly-owned subsidiary Bioenerys S.r.l., as well as jointly controlled companies and associates held directly and indirectly by Iniziative Biometano S.p.A. itself.Assets mainly concern tangible assets (36 million euros) and intangible assets (26 million euros, including goodwill), while liabilities mainly refer to short-term financial liabilities (3 million euros) and trade payables (3 million euros). The classification of these assets and liabilities as a disposal group held for sale, in accordance with IFRS 5 'Non-current Assets Held for Sale and Discontinued Operations', follows the signing in December 2022 of a binding agreement between the shareholders of Iniziative Biometano S.p.A. aimed at separating the shareholding structure. 18 CURRENT AND NON-CURRENT FINANCIAL LIABILITIES31.12.2021 31.12.2022Current Current Non-current Non-current \ue7acnancial \ue7acnancial \ue7acnancial liabilities\ue7acnancial liabilitiesliabilitiesliabilities(million euros)Bonds 1,172 4,638 3,328 7,966 9,138 757 4,527 4,173 8,700 9,457Bank loans 610 688 1,417 980 2,397 3,695 150 479 1,335 896 2,231 2,860Euro Commercial Paper - ECP 2,503 2,503 1,128 1,128Other lenders 2 2 2 200 200 202Financial payables for leased assets 6 12 2 14 20 7 18 8 26 33TOTAL CURRENT AND NON-CURRENT 3,115 1,866 6,067 4,310 10,377 15,358 1,280 1,243 6,080 5,077 11,157 13,680FINANCIAL LIABILITIES18.1 Short-term financial liabilitiesShort-term financial liabilities, amounting to 1,280 million euros, mainly include to the use of floating rate uncommitted bank credit lines (100 million euros) and the issuing of unsecured short-term bonds (Euro Commercial Papers) issued by the money market and placed with institutional investors (1,128 million euros). The weighted average interest rate on short-term financial liabilities was 0.06% (-0.36% for 2021). There are no short-term financial liabilities denominated in currencies other than the euro.18.2 Long-term financial liabilities and short-term portion of long-term financial liabilitiesLong-term financial liabilities, including the short-term portion of long-term liabilities, amounted to a total of 12,400 million euros and mainly relate to bond loans (9,457 million euros), bank loans (2,860 million euros) and financial payables for leased assets (33 million euros).The following table provides a breakdown of bond loans, indicating the issuing company, the year of issue, the currency, the average interest rate and the maturity. Nominal Nominal Issued Maturity Balance at Balance at (million euros)Value Value Rate (%)(year)(year)31.12.202131.12.202231.12.202131.12.2022Euro Medium Term Notes (EMTN)Bond 5.25% 582 5.25 2012 2022 590Bond 3.25% (a) 385 365 3.25 2014 2024 395 375Bond 1.50% (a) (b) 190 155 1.50 2014 2023 193 157Bond 1.375% (a) 167 140 1.375 2015 2023 160 137Bond 0.875% 1,250 1,250 0.875 2016 2026 1,247 1,248Bond 1.250% (a) 339 267 1.250 2017 2025 342 269Floating Bond 151 0,6+eur3m 2017 2022 151Floating Bond 106 106 0.836 2017 2024 106 106Bond 1.375% (a) 650 553 1.375 2017 2027 649 552Bond 1.000% (a) (c) 522 423 1.000 2018 2023 520 425Bond 1.250% (Climate Action bond) 500 500 1.250 2019 2025 500 500Bond 1.625% 250 250 1.625 2019 2030 252 252Bond 0% 700 700 0 2019 2024 697 699Bond 1% 600 600 1 2019 2034 591 592Bond 0.75% (Transition bond) 500 500 0.75 2020 2030 500 499Bond 0% (Transition bond) 600 600 0 2020 2028 597 597Bond 0% (Transition bond) 500 500 0 2021 2025 500 500Bond 0.75% (Transition bond) - TAP 250 250 0.75 2021 2030 258 258Bond 0.625% (Transition bond) 500 500 0.625 2021 2031 494 495Bond 0.75% (Sustainability-Linked Bond) 850 0.75 2022 2029 846Bond 1.25% (Sustainability-Linked Bond) 650 1.25 2022 2034 651Bond 3.375% (Taxonomy-Aligned 300 3.38 2022 2026 299Transition Bond)Total Euro Medium Term Notes (EMTN) 8,742 9,459 8,742 9,457Convertible bondsConvertible Bond 397 2017 2022 396TOTAL BOND LOANS 9,139 9,459 9,138 9,457(a) Bond loans subject to the 2022 Liability Management operation.(b) Bond re-opened in January 2015 for an incremental amount of 250 million euros with an interest rate and maturity similar to the original placement.(c) Bond re-opened in November 2018 for an incremental amount of 300 million euros with an interest rate and maturity similar to the original placement.Bonds (9,457 million euros) increased by 319 million euros compared to 31 December 2021 mainly as a result of: (i) the dual tranche issue of a fixed-rate Sustainability-Linked Bond, for a total nominal value of 1,500 million euros; (ii) the issue of the first EU Taxonomy-Aligned Transition Bond at a fixed rate, for a total nominal amount of 300 million euros. These changes were partly offset by the redemption of three bonds, with a total nominal value of 1,130 million euros, and the repurchase of bonds on the market, with a total nominal value of 350 million euros.Payables for bank loans (2,860 million euros) mainly relate to maturing loans (term loans), of which 1,572 million euros concern European Investment Bank (EIB) funding.There are no other long-term bank loans denominated in currencies other than the euro.27The weighted average interest rate on bank loans used (excluding loan contracts with the EIB) was 0.36% (0.2% for FY 2021). Amounts due to other lenders amounting to 202 million euros (2 million euros as of 31 December 2021) essentially refer to a Term Loan with a nominal value of 200 million euros to the parent company Cassa Depositi e Prestiti.There were no breaches of loan agreements as at the reporting date.Snam also has unused committed credit lines totalling 5.9 billion. Financial covenants and negative pledge commitmentsAt 31 December 2022, Snam has bilateral and syndicated loan agreements in place with banks and other lenders that are not secured by collateral.Some of these agreements include, inter alia, compliance with typical international practice commitments, some of which are subject to specific materiality thresholds, such as, for example: (i) negative pledge commitments pursuant to which Snam and its subsidiaries are subject to limitations concerning the pledging of real property rights or other restrictions on all or part of the respective assets, shares or merchandise; (ii) pari passu and change-of-control clauses; (iii) limitations on certain extraordinary transactions that the Company and its subsidiaries may carry out; and (iv) limits on the debt of subsidiaries.Failure to comply with these covenants, and the occurrence of other events such as cross- default events could result in Snam\u2019s failure to comply and, possibly, trigger the early repayment of the related loan. Exclusively for the EIB loans, the lender has the option to request additional guarantees if Snam\u2019s credit rating is lower than BBB (Standard & Poor\u2019s/Fitch Ratings Limited) or Baa2 (Moody\u2019s) for at least two of the three ratings agencies.The occurrence of one or more of the aforementioned scenarios could have negative effects on Snam Group\u2019s operations, results, balance sheet and cash flow, resulting in additional costs and/or liquidity issues.At 31 December 2022, the financial debt subject to these restrictive clauses amounted to approximately 3 billion.Bonds issued by Snam as at 31 December 2022, with a nominal value of approximately 9.5 billion, referred to securities issued under the Euro Medium Term Notes programme. The covenants established for the programme\u2019s securities are typical of international market practice and consist of, inter alia, negative pledge and pari passu clauses. Specifically, under the negative pledge clause, Snam and its material subsidiaries are subject to limitations to pledging or maintaining encumbrances on all or part of their assets or proceeds to guarantee present or future debt, unless this is explicitly permitted.27 It excludes the depreciation of the upfront fees. 18.3 Breakdown of net financial debtThe following table provides a breakdown of net financial debt, showing transactions with related parties:(million euros) 31.12.2021 31.12.2022A. + B. Cash and cash equivalents 1,337 1,757C. Other current financial assets D. liquidity (a + b + C) 1,337 1,757E. Current financial debt (including debt instruments, but excluding the current portion 3,115 1,280of non-current financial debt)F. Current portion of non-current financial debt (*) 1,866 1,243G. Current financial debt (E + F) 4,981 2,523of which with related parties 1 1H. Net current financial debt (G - D) 3,644 766I. Non-current financial debt (excluding current portion and debt instruments) (*) 2,411 2,457J. Debt instruments 7,966 8,700K. Trade payables and other non-current payablesL. Non-current financial debt (I + J + K) 10,377 11,157of which with related parties 200M. Total financial debt (H + L) 14,021 11,923(*) They include financial liabilities for leased assets recognised in accordance with IFRS 16 \"Leases\", of which 26 million euros are long-term and 7 million euros are short-term portions of long-term financial liabilities.18.4 Reconciliation of net financial debtIn compliance with the provisions of IAS 7 \u201cStatement of Cash Flows\u201d, we provide below the cash and non-cash changes to liabilities arising from financing activities and to assets included in net financial debt. Changes without impact on cash \ue7aeowConversion (million euros)Changes Change in Impact of into shares Other 31.12.2021in cash scope of 31.12.2022IFRS 16convertible changes\ue7aeowconsolidationbondCash and cash equivalents 1,337 427 (7) 1,757Liquidity and financial receivables 1,337 427 (7) 1,757Short-term financial liabilities (*) 3,115 (1,888) 53 1,280Long- term financial payables (*) 12,223 448 59 (381) 18 12,367Financial payables for leased assets 20 (8) 16 4 1 33Gross financial debt 15,358 (1,448) 16 116 (381) 19 13,680Net financial debt 14,021 (1,875) 16 116 (381) 26 11,923(*) They include the short-term portions of long-term financial debt.19 PROVISIONS FOR RISKS AND CHARGES 31.12.2021UtilisationsIncreases (million euros)Opening due for for Other Final Provisions balance to passing expensesexcesschangesbalance of timeProvision for decommissioning 710 4 (21) 20 713and site restorationProvision for litigation 15 4 (3) 16Provision for tax litigation 4 1 (1) 4Other provisions 69 15 (28) (7) 49TOTAL PRO VISIONS FOR RISKS 798 20 4 (49) (11) 20 782AND CHARGES31.12.2022UtilisationsIncreases (million euros)Opening due for for Change Other Final Provisionsbalance to passing expensesexcessin scope of changesbalance of timeconsolidationProvision for decommissioning 713 12 (7) 8 (228) 498and site restorationProvision for litigation 16 14 (9) 21Provision for tax litigation 4 8 (1) 11Other provisions 49 13 (18) 44TOTAL PRO VISIONS FOR RISKS 782 35 12 (25) (10) 8 (228) 574AND CHARGESThe provision for decommissioning and site restoration (Euro 498 million) includes the discounted estimate of costs expected to be incurred for the removal of facilities and the restoration of sites essentially in the natural gas storage (411 28million euros) and transportation (68 million euros) segments. The discounting for the provision for decommissioning and site restoration was carried out using the corresponding to the euro area Corporate Bond returns with an \u201cAA\u201d rating. The rate thus determined is approximately 3.7%. The last deadline in chronological order for disbursements related to the dismantling and restoration storage sites refers to the Bordolano concession, in 2041. The change in the scope of consolidation (8 million euros) refers to the acquisition of the companies operating in the biomethane business.The other changes (228 million euros) mainly refer to the effects deriving from the increase in the discount rates, mainly referring to the natural gas storage and transportation segment and partially off-set by inflation rates. Other provisions for risks and charges (44 million euros) mainly concern: (i) charges that the Group\u2019s insurance company Gasrule Insurance DAC expects to incur for insured claims (22 million euros); (ii) the provision for voluntary redundancies (7 million euros); (iii) the provision relating to the estimate of probable charges of a fiscal and financial nature (7 million euros). 28 The costs refer to the estimated expenses for the removal of the connection works to the Livorno LNG regasification terminal - OLT Offshore LNG Toscana. 29The sensitivity of the discount rate represents the change in the value of the actuarial liability obtained using the end-of-year valuation data, changing the discount rate, without any change in the other assumptions.(million euros) Change in discount rate10% reduction 10% increaseChange in the provision for decommissioning and site restoration at 31.12.2022 30 (28)20 DEFERRED TAX LIABILITIES/ASSETS (million euros) 31.12.2021 31.12.2022Deferred tax liabilities, before offsetting 230 128Offsetting with deferred tax assets (195) (77)DEFERRED TAX LIABILITIES 35 51Deferred tax assets, before offsetting (497) (408)Offsettable deferred tax liabilities 195 77DEFERRED TAX ASSETS (302) (331)Deferred tax liabilities and assets, before offsetting, are analysed below, based on the nature of the most significant temporary differences:31.12.2021Changes Impact (million euros)Of Of Opening recognized recognised in Other Final which: which: balancein income shareholders\u2019 changesbalanceIRESIRAPstatementequityDepreciation, amortisation and impairment 394 (336) 58 58carried out for tax purposes onlyDecommissioning and site restoration 114 5 119 102 17Revaluations of tangible assets 31 3 34 32 2Capitalisation financial expense 6 6 5 1Write-down of excess receivables 3 3 3Other temporary differences 20 (9) (1) 10 8 2Deferred tax liabilities, before offsetting 568 (342) 4 230 208 22Decommissioning and site restoration (199) 4 (5) (200) (171) (29)Non-deductible depreciation and amortisation (172) (31) (203) (201) (2)Provisions for risks and charges and other (52) 7 4 (41) (37) (4)non-deductible provisionsGrants and contractual contributions (19) 1 (18) (15) (3)Employee benefits (6) 1 (1) (6) (6)Other temporary differences (30) 1 (29) (26) (3)Deferred tax assets, before offsetting (478) (17) 3 (5) (497) (456) (41)29 For the purposes of sensitivity, only provisions for risks and charges showing a significant accretion discount were taken into account. 31.12.2022Changes Impact (million euros)Change Of Of Opening recognized recognised in Other Final in scope of which: which: balancein income shareholders\u2019 changesbalanceconsolidationIRESIRAPstatementequityDepreciation, amortisation and impairment carried out for tax 58 58 58purposes onlyDecommissioning and site restoration 119 (119)Revaluations of tangible assets 34 (3) (5) 20 46 44 2Capitalisation financial expense 6 6 5 1Write-down of excess receivables 3 3 3Other temporary differences 10 2 (1) 4 15 13 2Deferred tax liabilities, before 230 (1) (125) 24 128 123 5offsettingDecommissioning and site restoration (200) (1) 119 (82) (70) (12)Non-deductible depreciation (203) (32) (235) (233) (2)and amortisationProvisions for risks and charges (41) 1 (40) (39) (1)and other non-deductible provisionsGrants and contractual contributions (18) 1 (17) (15) (2)Employee benefits (6) 2 (4) (4)Other temporary differences (29) (6) 5 3 (3) (30) (24) (6)Deferred tax assets, before offsetting (497) (37) 7 122 (3) (408) (385) (23)21 LIABILITIES FOR EMPLOYEE BENEFITS(million euros) 31.12.2021 31.12.2022Employee severance indemnity (TFR) 26 20Supplementary Health Insurance for Managers of Eni companies (FISDE) 7 4Other liabilities - employee benefits related to seniority bonuses 3 3TOTAL LIABILITIES FOR EMPLOYEE BENEFTS 36 27Liabilities for employee benefits, in the amount of 27 million euros, decreased by 9 million euros, mainly due to the increase in expected discount and inflation rates.The provision for employee severance pay (TFR), governed by Article 2120 of the Italian Civil Code, represents the estimated liability determined on the basis of actuarial procedures for the amount to be paid to employees at the time that the employment is terminated. The principal amount of the benefit is equal to the sum of portions of the allocation calculated on compensation items paid during the employment and revalued until the time that such relationship is terminated. Due to the legislative changes introduced from 1 January 2007 for companies with more than 50 employees, a significant part of severance pay to be accrued is classified as a defined-contribution plan since the company\u2019s only obligation is to pay the contributions to the pension funds or to INPS. Liabilities related to severance pay pre-dating 1 January 2007 remain a defined-benefit plan to be valued using actuarial methods. 30FISDE includes the estimated actuarially determined charges for the contributions to be paid to serving and retired managers. 30 For executives in service, contributions are calculated from the year in which the employee retires and refer to the years of service provided. 31FISDE provides financial supplementary healthcare benefits to Eni Group executives and retired executives whose most recent contract of employment was as an executive with the Eni Group. FISDE is funded through the payment of: (i) contributions by member companies; (ii) contributions paid by Shareholders for themselves and their immediate family; and (iii) ad hoc contributions for specific benefits. The amount of the liability and the healthcare cost are determined on the basis, as an approximation of the estimated healthcare expenses paid by the fund, of the contributions paid by the company in favour of pensioners.The early retirement fund refers to expenses incumbent upon the employer from application of the implementation agreement, relating to the early retirement instrument for employees regulated pursuant to Article 4 paragraphs 1 - 7 of Law 92/2012 (the \u201cFornero Law\u201d).Deferred monetary incentive plans are allocated to executives who have met the goals set out in the year preceding the allocation year, and allocate a basic incentive that is disbursed after three years and varies according to the performance achieved by the Company during the course of the three-year period following the time of the allocation. The benefit is provisioned when Snam\u2019s commitment to the employee arises. The estimate is subject to revision in future periods, based on the final accounting and updates to profit forecasts (above or below target). The long-term monetary incentive plans, involve the granting and payment, of a variable monetary bonus tied to a measure of company performance. Obtaining the benefit depends on the achievement of certain future performance levels and is conditional on the beneficiary remaining with the Company for the three-year period following the allocation (the \u201cvesting period\u201d). This benefit is allocated pro rata over the three-year period depending on the final performance parameters. From 2017, the new share-based variable long-term incentive plan (equity ILT) was introduced instead of the 32long-term monetary incentive plans (IMD and ILT).Seniority bonuses are benefits paid upon reaching a minimum service period at the company and are paid in kind in the form of goods and/or services.The composition and changes in liabilities for employee benefits, determined by applying actuarial methods, are as follows: 31.12.2021 31.12.2022(million euros)Iso-Other Other TFR FISDEpension Total TFR FISDETotalliabilitiesliabilitiesFundOPENING LIABILITIES FOR EMPLOYEE 25 6 6 3 40 26 7 3 36BENEFITSCosts related to current services (recognized 1 (4) (3) 1 1in \"personnel costs\")Actuarial (gains)/losses resulting from experience adjustments (recognised in other 1 1components in the comprehensive income statement)Actuarial (gains) / losses resulting from changes in financial assumptions (recognised 1 1 2 (5) (3) (8)in other components in the comprehensive income statement)Benefits paid (2) (2) (4) (2) (2)CLOSING LIABILITIES 26 7 3 36 20 4 3 27FOR EMPLOYEE BENEFITS31 The fund provides the same benefits for Snam Group executives. 32 For more information on the characteristics of this plan, refer to the \u201cOther information\u201d paragraph of the Directors\u2019 Report. The main actuarial assumptions used to determine liabilities at the end of the year and to calculate the cost for the following year are indicated in the table below.31.12.2021 31.12.2022(million euros)Other Other TFR FISDETFR FISDEliabilitiesliabilitiesDiscount rate (%) 0.9 0.9 0.9 4.0 4.0 4.0Inflation rate (%) (*) 1.9 1.9 1.9 2.5 2.5 2.5(*) With reference to other liabilities, the rate refers only to seniority premiums.The discount rate adopted was determined by considering the yields on bonds issued by Eurozone companies with AA ratings.The employee benefit plans recognised by Snam are subject, in particular, to interest rate risk, as a change in the discount rate could result in a significant change in the liability.The table below illustrates the effects of a reasonably possible change in the discount rate at the end of the year. It should also be noted that any changes relating to mortality do not have a significant effect on liability. The sensitivity of the discount rate represents the change in the value of the actuarial liability obtained using the end-of-year valuation data, changing the discount rate by a certain number of basis points, without any change in the other assumptions.(million euros) Change in discount rateEffect on net obligation at 31.12.2022 reduction of 0.5% increase of 0.5%Change in TFR liabilities at 31.12.2022 0 (1)Change in FISDE liabilities at 31.12.2022 1 0The maturity profile of the obligations for employee benefit plans is shown in the following table:31.12.2021 31.12.2022(million euros)Other Other TFR FISDETotal TFR FISDETotalliabilitiesliabilitiesWithin the next financial year 2 2 1 1Within five years 4 4 5 5Over five and up to ten years 9 1 1 11 11 1 1 13More than ten years 11 6 2 19 3 3 2 8TOTAL LIABILITIES FOR EMPLOYEE BENEFITS 26 7 3 36 20 4 3 27The weighted average maturity of obligations for employee benefit plans is shown below:31.12.2021 31.12.2022(million euros)Other Other TFR FISDETFR FISDEliabilitiesliabilitiesWeighted average duration (years) 9 24 11 8 19 1022 OTHER CURRENT AND NON-CURRENT LIABILITIES31.12.2021 31.12.2022(million euros)Non-Non-CurrentTotal CurrentTotalcurrentcurrentRegulatory liabilities 19 42 61 104 112 216Fair value interest rate hedging derivatives 2 1 3IRPEF withholdings for employees 7 7 8 8Other taxes 5 14 19 29 29Security deposits 641 641 1,382 1,382Liabilities for connection contributions 3 3 6 6Other 20 17 37 727 2 729TOTAL OTHER CURRENT AND NON-CURRENT LIABILITIES 53 718 771 868 1,502 2,370Regulatory liabilities (216 million euros) mainly refer to the transportation segment (169 million euros) mainly made up of penalties charged to users that exceeded the capacity committed, to be repaid to the system through tariff adjustments. The current and non-current portions amount to 104 and 112 million euros respectively (19 and 42 million euros respectively at 31 December 2021).Security deposits (1,382 million euros) are payments received as a guarantee mainly by the users of the balancing service, pursuant to Resolution ARG/gas 45/11. The item \"Other\", equal to 729 million euros, mainly attributable to the transportation segment (706 million euros), refers to liability for the volumes of gas to use for the coming winter, in compliance with Resolution 165/2022/R/Gas \u201cUrgent provisions for the allocation of storage capacity pursuant to the decree of the Minister of Ecological Transition 1 April 2022, n.138\u201d.23 TRADE PAYABLES AND OTHER PAYABLES(million euros) 31.12.2021 31.12.2022Trade payables for the purchase of goods and services 1,348 1,546Total trade payables 1,348 1,546Other payables- Payables to the Energy and Environmental Services Fund (CSEA) 677 5,571- Payables for investment activities 412 519- Interim dividend 343 369- Payables to employees 42 45- Payables to pension and social security institutions 22 25- Other 45 54Total other payables 1,541 6,583TOTAL TRADE PAYABLES AND OTHER PAYABLES 2,889 8,129Trade payables for the purchase of goods and services (1,546 million euros) mainly relate to the transportation segment (1,163 million euros, of which 306 million euros from balancing activities). Trade payables for investments (519 million euros) mainly relate to the natural gas transportation (353 million euros) and storage (65 million euros) segments. Payables to the CSEA (5,571 million euros) mainly refer to: (i) payables related to the rebate of amounts obtained from the sale of gas volumes purchased for the last resort filling service in compliance with Resolution 274/2022/R/Gas (2,348 million euros); (ii) balancing liabilities (1,206 million euros); (iii) additional components (1,964 million euros).The interim dividend (369 million euros) refers to payable to shareholders following the 2022 interim dividend of 0.11 euros per share, approved on 09 November 2022. The advance payment was made as of 25 January 2023. Note 37 \u201cTransactions with related parties\u201d contains information about payables due to related parties.24 EQUITY (million euros) 31.12.2021 31.12.2022Share capital 2,736 2,736Treasury shares (354) (33)Share premium reserve 611 611Legal reserve 547 547Cash flow hedge reserve (54) (39)Reserve for defined-benefit plans for employees (11) (4)Fair value reserve for equity investments 32 (12)Reserve for business combinations under common control (674) (674)Other reserves 100 212Total reserves (60) 30Retained earnings 3,117 3,822Interim dividend (343) (369)Profit for the year 1,496 671Total retained earnings 4,270 4,124Equity attributable to Snam\u2019s shareholders 7,203 7,468Minorities\u2019 equity 37 56TOTAL EQUITY 7,240 7,52424.1 Share capitalAt 31 December 2022, the share capital consisted of 3,360,857,809 shares without nominal value (at 31 December 2021), against a total value of 2,735,670,475.56 euros (at 31 December 2021). 24.2 Treasury sharesThe negative reserve for treasury shares includes the purchase cost of 8,101,437 treasury shares in portfolio as at 31 December 2022 (88,556,228 treasury shares, equal to 2.63% of the share capital, as at 31 December 2021), equal to 0.24% of the share capital, for a value of book equal to 33 million euros (354 million euros as at 31 December 2021). The reduction in the number of treasury shares compared with 31 December 2021 is attributable to: (i) the assignment of 79,444,888 shares to service the Snam Convertible Bond, against requests for conversion of bonds with a nominal value of 381 million euros; (ii) the free assignment of 1,760.307 shares to Snam executives under the 2019 Share-based Incentive Plan, the vesting period of which expired in July 2022, and the simultaneous repurchase, from the assignee executives themselves, of 750,404 shares to cover the amount of taxes owed by the assignees to the Authority. Detailed information on treasury shares and long-term share-based incentive plans are shown in the \u201cOther information\u201d section of Directors\u2019 Report, to which reference should be made.24.3 Share premium reserveThe share premium reserve at 31 December 2022 amounted to 611 million euros (the same at 31 December 2021).24.4 ReservesLegal reserveThe legal reserve amounted to 547 million euros at 31 December 2022 (unchanged at 31 December 2021) and has already reached one-fifth of the share capital as required by Article 2430 of the Italian Civil Code. Cash flow hedge reserveThe cash flow hedge reserve (-39 million euros, -54 million euros at 31 December 2021, net of related tax effects) relates to the fair value measurement of hedging derivatives. The changes in the reserve during the course of the year are shown below:(million euros) Gross reserve Tax e\ue7aaect Net reserveBALANCE AT 01.01.2021 (87) 20 (67)Changes in 2021 17 (4) 13BALANCE AT 31.12.2021 (70) 16 (54)Changes in 2022 19 (4) 15BALANCE AT 31.12.2022 (51) 12 (39)Reserve for defined-benefit plans for employeesAt 31 December 2022, Reserve for defined-benefit plans for employees -4 million euros (-11 million euros at 31 December 2021) included actuarial losses, net of the relative tax effect, recognised under other components in the comprehensive income statement pursuant to IAS 19. Fair value reserve for equity investmentsThe fair value reserve as at 31 December 2022 (-12 million euros; 32 million euros as at 31 December 2021) includes the change in fair value, net of tax effects of minority interests that were designated as accounted for FVTOCI upon initial recognition (\u201cfair value recognized through other components in the comprehensive income statement\u201d). See Note 11 \u201cOther current and non-current financial assets\u201d for further details.Reserve for business combinations under common controlReserve for business combinations under common control (-674 million euros; unchanged from 31 December 2021) recognised in 2009, relates to the value arising from the difference between the purchase cost of the Stogit investment and the related shareholders\u2019 equity attributable to the group at the date of completion of the transaction, as part of a business combination under common control (BCUCC) transaction carried out in 2009 with the former parent company Eni. Other reservesOther reserves of 212 million euros (100 million euros as at 31 December 2021) mainly refer to the portion of the other components in the comprehensive income statement of equity investments accounted for using the equity method related, in particular, to the change in the fair value of derivative hedging instruments. 24.5 Retained earningsRetained earnings (4,124 million euros) include:\u2022 prior-year profits of 3,822 million euros at 31 December 2021 (3,117 million euros as at 31 December 2021); the increase of 705 million euros was mainly due to the 2021 profit remaining after the distribution of the dividend (624 million euros) and the effects of the conversion into shares of the convertible bond that matured in March 2022;\u2022 the interim dividend of 369 million euros, equal to 0.1100 euros per share, was approved on 09 November 2022 by the Board of Directors pursuant to Article 2433-bis, paragraph 5 of the Italian Civil Code. The interim dividend was paid out as of 25 January 2023, with an ex-coupon date of 23 January 2023 and a record date of 24 January 2023;\u2022 profit for the year 2022 of 672 million euros (671 million euros excluding non-controlling interests).24.6 Dividends declared and distributed and dividends to be distributedThe Ordinary Shareholders' Meeting of Snam S.p.A. resolved on 27 April 2022 to distribute a dividend of \u20ac0.1572 per share, to be paid starting from 22 June 2022 with ex-dividend date on 20 June 2022 and record date on 21 June 2022 (\u20ac527 million). The dividend for 2021 is therefore determined between an interim dividend of \u20ac0.1048 per share (\u20ac345 million), already distributed in January 2022, and the balance of \u20ac0.2620 per share.At the meeting of 15 March 2023, the Board of Directors proposed to the Shareholders' Meeting convened for 4 May 2023, the distribution of a dividend of \u20ac0.1651 per share which will be paid starting from 21 June 2023 with ex-dividend date 19 June 2023 and record date 20 June 2023. The dividend for 2022 is therefore determined between an interim dividend, equal to 0.1100 euro per share (369 million euro), already distributed in January 2023, and balance at 0.2751 euro per share.25 BUSINESS COMBINATIONS Information on business combination transactions carried out during 2022, recognised in accordance with the provisions of IFRS 3 'Business Combinations' for which, as the definition of a Business Combination (BC) is applicable, Purchase Price Allocation (PPA) activities were performed, is presented below.Acquisitions completed during 2022 that fall within the definition of 'Business Combinations' under IFRS 3In addition to the transaction that led to the acquisition of control of Iniziative Biometano, for which reference is made to the section below entitled \"Business Combination of Iniziative Biometano and evaluations performed as at as at 31 December 2022\", control of 16 companies operating in the Biogas/Biomethane business was acquired in 2022. Consistent with the 3334, and 6 companies within the Waste CGUdefinition of the Group's CGUs, 10 companies were included within the Agri CGU. 33 List of acquired companies: 1) Societ\u00e0 Agricola Asola Energie Biogas S.r.l., 2) Societ\u00e0 Agricola Tessagli Agroenergie S.r.l., 3) Societ\u00e0 Agricola Santo Stefano S.r.l. 4) Societ\u00e0 Agricola Agrimezzana Biogas S.r.l., 5) Societ\u00e0 Agricola Agrimetano S.r.l. 6) Societ\u00e0 Agricola Carignano Biogas S.r.l.; 7) Emiliana Agroenergia Societ\u00e0 Agricola S.r.l.; 8) Piacentina Agroenergia Societ\u00e0 Agricola S.r.l.; 9) Societ\u00e0 Agricola San Giuseppe Agroenergia S.r.l.; 10) Societ\u00e0 Agricola La Valle Green Energy S.r.l.34 List of acquired companies: 1) Cupello Renerwaste S.r.l.; 2) Biowaste CH4 Anzio S.r.l., 3) Biowaste CH4 Foligno S.r.l., 4) Biowaste CH4 Group S.r.l., 5) Biowaste CH4 Genova S.r.l. 6) Biowaste CH4 Tuscania S.r.l.For the purposes of these consolidated financial statements as at 31 December 2022, the company has carried out a preliminary purchase price allocation; the process of identifying the fair value of the assets and liabilities acquired will be completed in the following period and, in any case, within 12 months from each respective acquisition date. The acquisitions pertaining to the Agri CGU were finalised for a total disbursement of 43 million euros, settled in full at closing. The preliminary allocation of the acquisition price resulted in the emergence of goodwill of 17 million euros and the recognition of 33 million euros allocated to intangible assets (attributable to the fair value of the plant authorizations held by the companies being acquired) in addition to the related deferred taxes of 9 million euros. 35With regard to the acquisitions pertaining to the Waste CGU, against a total disbursement of 47 million euros, the preliminary allocation of the acquisition price resulted in the emergence of goodwill of 23 million euros and the recognition of 22 million euros allocated to intangible assets (attributable to the fair value of the plant authorizations held by the companies being acquired) in addition to the related deferred taxes of 6 million euros. Business combination of Iniziative Biometano and evaluations performed as at 31 December 2022On 30 September 2020, through Bioenerys (formerly Snam4Environment), Femogas S.p.A. acquired a 50% investiment in the share capital of Iniziative Biometano S.p.A., a company that operates in the management of biogas and biomethane plants fuelled by biomasses of agricultural origin in Italy; the investment acquired, granted the right to jointly control Iniziative Biometano S.p.A.On 11 April 2022, following the exercise of a call option provided for within the contractual agreements between the shareholders, Bioenerys increased its shareholding in Iniziative Biometano S.p.A. from 50% to 51% of the share capital, resulting in the consequent acquisition of control instead of joint control; the transaction, within Snam's condensed interim consolidated financial statements at 30 June 2022, was recognised in accordance with the provisions of IFRS 3 'Business Combinations'.On 22 December 2022, Bioenerys and Femogas S.p.A. signed a binding term sheet, aimed at outlining the execution of a series of transactions that will lead Snam, in 2023, to lose control of Iniziative Biometano and certain companies controlled by it.For more details, see Note 17 'Assets Held for Sale and Directly Associated Liabilities'.26 GUARANTEES AND COMMITMENTS The Group's guarantees and commitments are highlighted below:(million euros) 31.12.2021 31.12.2022GUARANTEES GIVEN ON BEHALF OF COMPANIES UNDER JOINT CONTROL AND ASSOCIATES 1,129 1,230Of which:- associate TAP 1,129 1,129- company under joint control TAG 89- other associates 12GUARANTEES GIVEN IN THE INTEREST OF SUBSIDIARIES 221 632TOTAL GUARANTEES 1,350 1,862GROUP COMMITMENTS FOR THE PURCHASE OF GOODS AND SERVICES (*) 988 2,058COMMITMENTS TO SUBSCRIBE UNITS IN INVESTMENT FUNDS 33 41COMMITMENTS FOR THE SUBSCRIPTION OF SHARES 6TOTAL COMMITMENTS 1,021 2,105(*) The value includes legally binding orders at the reference date.35 The purchase price of 47 million euros was settled at the closing in the amount of 44 million euros, while the remaining 3 million euros refers to contractually agreed earn-outs.26.1 Guarantee given on behalf of the associate TAP 26.1.1 Guarantee given on behalf of the associate TAP At present, and until repayment of the loan, a mechanism is foreseen to support the repayment of the TAP outstanding financial debt (the so-called \"Debt Payment Undertaking\") which would be activated, unlike the guarantee on first demand, released upon reaching the \"Financial Completion Date\" on 31 March 2021, upon the occurrence of specific and determined conditions linked to exceptional events of an extraordinary nature. The maximum pro-rata Snam amount of the guarantee is 1,129 million euros.The financial documentation signed under the scope of the Project Financing concluded for TAP foresees, moreover, some limitations for the shareholders typical for operations of this type, including: (i) a restriction on the possibility of TAP shares being freely available according to certain time frames; (ii) the pledging of the shares owned by Snam in TOP in favour of the lenders for the entire duration of the loan. 26.1.2 Guarantee given on behalf of the company under joint control TAG The contractual agreements (Shareholders' Agreements) stipulated between Snam and GCA provide, inter alia, that in the case of new investment projects, if TAG is not capable of self-financing, the other companies must finance it according to the equity investment held by each shareholder. In addition, following the worsening of the economic scenario dominated by tensions and uncertainties generated by the recent Russia-Ukraine conflict, the shareholders Snam and GCA have guaranteed TAG on the coverage of any liquidity shortfalls should the company not be able to use the credit lines already at its disposal and/or in the process of being finalised, for a period equal to 12 months from the date of issuance of the audit report on the 2021 financial statements of TAG (i.e. starting from 30 June 2022) and for a maximum amount equal to 100 million euros in proportion to their respective stakes in the company's share capital (for Snam, a potential maximum outlay of approximately 89 million euros).26.2 Guarantees given on behalf of subsidiariesGuarantees given in the interest of subsidiaries (632 million euros; 221 million euros as at 31 December 2021) mainly relate to:(i) guarantee provided in the interest of Snam FSRU Italia S.r.l. in connection with the acquisition of FSRU BW Singapore;(ii) guarantees provided in favour of the Italian Revenue Agency mainly on behalf of the subsidiaries Stogit, GNL, Snam4Mobility, Cubogas and Enura (147 million euros); (iii) indemnities issued in favour of third parties as a guarantee of proper performance of the work (79 million euros); (iv) surety guarantees issued by Iniziative Biometano S.p.A. on behalf of companies controlled by the latter (17 million euros). 26.2.1 Guarantee given in the interest of Snam FSRU Italia S.r.l. in connection with the acquisition of FSRU BW SingaporeWith the signing, on 6 July 2022, of the Share Sale and Purchase Agreement (SPA) for the acquisition of 100% of the share capital of FSRU I Limited (NewCo which at the closing, scheduled for the end of 2023, will hold the FSRU \"BW Singapore\"), Snam S.p.A. has issued a Parent Company Guarantee in favor of the seller BW Gas Cyprus Limited in the interest of Snam FSRU Italia S.r.l.The guarantee concerns all payments due on the closing date by Snam FSRU Italia S.r.l. to the seller under the SPA, corresponding to:\u2022 USD 355 million, equal to a total of 333 million euros (at the spot exchange rate at December 31, 2022), equal to the residual amount of the acquisition price to be paid to the seller;\u2022 the value of the fuel and LNG on board the FSRU on the closing date which will be determined and ascertained in accordance with the procedures set out in the SPA.26.3 Group commitments for the purchase of goods and services The commitments for the purchase of goods and services (2,058 million euros; 988 million as at 31 December 2021) mainly regard the commitments made with suppliers for the purchase of tangible fixed assets and the supply of services relative to the investments being made.26.4 Commitments to subscribe units in investment funds Commitments to subscribe units in investment funds (41 million euros) relate to: (i) Snam S.p.A.'s residual commitment to the Clean H2 Infra Fund (HY24) (33 million euros), as part of the investment programme that the fund proposes to carry out over a total of six years; (ii) Snam S.p.A.'s residual commitment to the CDP Corporate Partners I - Energy Tech Fund (8 million euros), as part of the investment programme that the fund proposes to carry out over a total of five years. These funds may be called, even partially and in several tranches, upon identification by the Fund of potential eligible investments pursuant to the fund rules.26.5 Other unevaluated commitments and risks Other unevaluated commitments and risks refer mainly to commitments undertaken at the time of the closing of equity purchase transactions, which will continue to apply after the date of execution of those transactions.As of 31 December 2022, commitments related to the following agreements remain in place:\u2022 the contract through which Eni acquired Stogit, for commitments related to the occurrence of future events, such as (i) the possible different valuation of the gas owned by Stogit, compared to the valuation recognised by ARERA ( Autorit\u00e0 di Regolazione per Energia Reti e Ambiente- Energy, Networks and Environment Regulatory Authority) which may emerge in certain contractually defined circumstances; (ii) the possible transfer of the storage capacity which should be freely available on a negotiable basis rather than a regulated basis, or the transfer of concessions held by Stogit at the time of the share transfer that may become dedicated to mainly storage activities which are no longer regulated;\u2022 contract to purchase an equity interest in dCarbonX Ltd, for commitments related to the occurrence of future events, including obtaining certain licences and authorisations from dCarbonX Ltd.27 FINANCIAL RISK MANAGEMENT 27.1 IntroductionThe main corporate financial risks identified, monitored and, where specified below, managed by Snam are as follows: \u2022 the risk arising from exposure to fluctuations in interest rates;\u2022 the credit risk arising from the possibility of default by a counterparty; \u2022 the liquidity risk arising from the lack of financial resources to meet short-term commitments.With regard to the exposure to exchange rate risk, due to the situations currently in place, Snam group\u2019s exposure is currently limited with regard to transaction risk, while there is still exposure to translation risk with regard to certain foreign investees that prepare their financial statements in currencies other than the euro. At present, it has been decided not to adopt specific hedging policies for these exposures. For instance, it should be noted that the effects of exchange rate differences deriving from the difference in translation into currency presentation (euro) of the functional currencies of these companies are recognised in the Comprehensive Income Statement. Snam policies and principles for the management and control of financial risks are described below, in accordance with the approach set out in IFRS 7 - Financial Instruments: Disclosures.",
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"value": "14 CASH AND CASH EQUIVALENTSCash and cash equivalents of 1,757 million euros (1,337 million euros at 31 December 2021) consist mainly of current accounts and bank deposits in euros (1,659 million euros), which represent the use of cash held for the Group\u2019s financial needs, and cash and cash equivalents from subsidiaries (in total 97 million euros).The average yield on cash investments is approximately 0.18% and there are no restrictions on their use.A comprehensive analysis of the financial situation and major cash commitments during the year can be found in the Cash Flow Statement.",
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"s8_notes__5__66": {
"value": "15 TRADE RECEIVABLES AND OTHER RECEIVABLES (million euros) 31.12.2021 31.12.2022Trade receivables, gross of provision for impairment losses 2,814 4,344Provision for bad debt (85) (100)Total trade receivables 2,729 4,244Other receivables - Other receivables from the Energy and Environmental Services Fund (CSEA) 552 260- Advances to suppliers 24 50- Investment credits 11 50- IRES receivables for domestic tax consolidation to former parent company 10 10- Other 5 10Total other receivables 602 380TOTAL TRADE RECEIVABLES AND OTHER RECEIVABLES 3,331 4,624Trade receivables (4,244 million euros, net of the bad debt provision), mainly relate to the transportation (3,151 million euros), energy transition (807 million euros) and natural gas storage (251 million euros) sectors.Trade receivables relating to the storage sector include VAT receivable invoiced to users in previous years for the use of 25strategic gas collected and not replenished (77 million euros, unchanged from 31 December 2021).Trade receivables include receivables and invoices to issue from customers related to energy efficiency projects (648 million euros) pending conversion into tax credits for ecobonus.The fair value measurement of trade and other receivables does not have a significant effect given the short period of time between the origination of the receivable and its maturity and the contractual terms. 25 For more details, please refer to note no. 27.3.2 \"Recovery of claims against storage system users\".The provision for bad debt (100 million euros) mainly concerns the write-downs made in previous years on receivables arising from the balancing service, against Resolution 608/2015/R/gas by which the Authority ordered the partial recognition, to the balancing manager (Snam Rete Gas), of uncollected receivables relating to the period from 1 December 262011 to 23 October 2012 (70 million euros, including related interest). Other receivables from CSEA mainly refer to settlement receivables (202 million euros) of Snam Rete Gas. Investment receivables (50 million euros) refer to the advance payments made on the basis of contractual agreements signed with the counterparty for the purchase of the FSRU vessel 'BW Singapore'(42 million euros), the closing of which is expected by the end of 2023, and receivables for works for interferences with third parties related to the transportation segment (so-called recharges). IRES receivables for the national tax consolidation regime (10 million euros) mainly related to receivables from the former parent company, Eni, relating to the IRES refund request resulting from the partial IRAP deduction relating to tax years 2007 to 2011 (pursuant to Decree-Law 201/2011).All receivables are in euros. Receivables from related parties are described in Note 37 \u201cTransactions with related parties\u201d. Specific information on credit risk can be found in Note 25.3 \u201cFinancial risk management - Credit risk\u201d.",
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"value": "15 TRADE RECEIVABLES AND OTHER RECEIVABLES (million euros) 31.12.2021 31.12.2022Trade receivables, gross of provision for impairment losses 2,814 4,344Provision for bad debt (85) (100)Total trade receivables 2,729 4,244Other receivables - Other receivables from the Energy and Environmental Services Fund (CSEA) 552 260- Advances to suppliers 24 50- Investment credits 11 50- IRES receivables for domestic tax consolidation to former parent company 10 10- Other 5 10Total other receivables 602 380TOTAL TRADE RECEIVABLES AND OTHER RECEIVABLES 3,331 4,624Trade receivables (4,244 million euros, net of the bad debt provision), mainly relate to the transportation (3,151 million euros), energy transition (807 million euros) and natural gas storage (251 million euros) sectors.Trade receivables relating to the storage sector include VAT receivable invoiced to users in previous years for the use of 25strategic gas collected and not replenished (77 million euros, unchanged from 31 December 2021).Trade receivables include receivables and invoices to issue from customers related to energy efficiency projects (648 million euros) pending conversion into tax credits for ecobonus.The fair value measurement of trade and other receivables does not have a significant effect given the short period of time between the origination of the receivable and its maturity and the contractual terms. 25 For more details, please refer to note no. 27.3.2 \"Recovery of claims against storage system users\".The provision for bad debt (100 million euros) mainly concerns the write-downs made in previous years on receivables arising from the balancing service, against Resolution 608/2015/R/gas by which the Authority ordered the partial recognition, to the balancing manager (Snam Rete Gas), of uncollected receivables relating to the period from 1 December 262011 to 23 October 2012 (70 million euros, including related interest). Other receivables from CSEA mainly refer to settlement receivables (202 million euros) of Snam Rete Gas. Investment receivables (50 million euros) refer to the advance payments made on the basis of contractual agreements signed with the counterparty for the purchase of the FSRU vessel 'BW Singapore'(42 million euros), the closing of which is expected by the end of 2023, and receivables for works for interferences with third parties related to the transportation segment (so-called recharges). IRES receivables for the national tax consolidation regime (10 million euros) mainly related to receivables from the former parent company, Eni, relating to the IRES refund request resulting from the partial IRAP deduction relating to tax years 2007 to 2011 (pursuant to Decree-Law 201/2011).All receivables are in euros. Receivables from related parties are described in Note 37 \u201cTransactions with related parties\u201d. Specific information on credit risk can be found in Note 25.3 \u201cFinancial risk management - Credit risk\u201d.",
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"value": "16 CURRENT AND NON-CURRENT INCOME TAX ASSETS/LIABILITIES (million euros) 31.12.2021 31.12.2022- Receivables from tax authorities for IRES 11 47- Receivables from tax authorities for IRAP 3TOTAL CURRENT INCOME TAX ASSETS 11 50- Payables to tax authorities for IRES (36) (5)- Payables to tax authorities for IRAP (1) (2)- Other tax liabilities (13) (14)TOTAL CURRENT LIABILITIES FOR INCOME TAXES (50) (21)Other tax liabilities (14 million euros) refer to substitute tax liabilities relating to the tax realignment pursuant to the Decree-Law of 14 August 2020.In relation to activities of a fiscal nature, it should be noted that, since the company constantly invests in Research and Development and Technological Innovation activities, subsequent to the end of the current financial year, the calculations relating to the tax credit accrued on an accrual basis pursuant to Law no. 160/2019, paragraphs 198-207, as amended by Law no. 178/2020 and Law no. 234/2021, will be finalised, and the preparation of the documentation supporting this credit (so-called documentary expenses) will be completed. An estimate of the amount of this tax credit is not available at the time of preparation of this document.Taxes for the year under review are shown in Note 34 \u201cIncome taxes\u201d.26 Pursuant to the provisions of Resolution 608/2015/R/gas, the Company made a provision for impairment losses for a value of approximately 125 million euros, which, following the Council of State's ruling of 5 March 2020, was released at a value of approximately 35 million euros. During the financial year 2021, an amount of 20 million euros was written off for the conclusion of a bankruptcy procedure concerning a user. As at 31 December 2022, the value of the provision for bad debt amounted to 70 million euros (70 million at 31 December 2021) and related to the balancing receivables due to the Company from certain customers with whom bankruptcy proceedings are in progress.",
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"value": "18 CURRENT AND NON-CURRENT FINANCIAL LIABILITIES31.12.2021 31.12.2022Current Current Non-current Non-current \ue7acnancial \ue7acnancial \ue7acnancial liabilities\ue7acnancial liabilitiesliabilitiesliabilities(million euros)Bonds 1,172 4,638 3,328 7,966 9,138 757 4,527 4,173 8,700 9,457Bank loans 610 688 1,417 980 2,397 3,695 150 479 1,335 896 2,231 2,860Euro Commercial Paper - ECP 2,503 2,503 1,128 1,128Other lenders 2 2 2 200 200 202Financial payables for leased assets 6 12 2 14 20 7 18 8 26 33TOTAL CURRENT AND NON-CURRENT 3,115 1,866 6,067 4,310 10,377 15,358 1,280 1,243 6,080 5,077 11,157 13,680FINANCIAL LIABILITIES18.1 Short-term financial liabilitiesShort-term financial liabilities, amounting to 1,280 million euros, mainly include to the use of floating rate uncommitted bank credit lines (100 million euros) and the issuing of unsecured short-term bonds (Euro Commercial Papers) issued by the money market and placed with institutional investors (1,128 million euros). The weighted average interest rate on short-term financial liabilities was 0.06% (-0.36% for 2021). There are no short-term financial liabilities denominated in currencies other than the euro.18.2 Long-term financial liabilities and short-term portion of long-term financial liabilitiesLong-term financial liabilities, including the short-term portion of long-term liabilities, amounted to a total of 12,400 million euros and mainly relate to bond loans (9,457 million euros), bank loans (2,860 million euros) and financial payables for leased assets (33 million euros).The following table provides a breakdown of bond loans, indicating the issuing company, the year of issue, the currency, the average interest rate and the maturity. Nominal Nominal Issued Maturity Balance at Balance at (million euros)Value Value Rate (%)(year)(year)31.12.202131.12.202231.12.202131.12.2022Euro Medium Term Notes (EMTN)Bond 5.25% 582 5.25 2012 2022 590Bond 3.25% (a) 385 365 3.25 2014 2024 395 375Bond 1.50% (a) (b) 190 155 1.50 2014 2023 193 157Bond 1.375% (a) 167 140 1.375 2015 2023 160 137Bond 0.875% 1,250 1,250 0.875 2016 2026 1,247 1,248Bond 1.250% (a) 339 267 1.250 2017 2025 342 269Floating Bond 151 0,6+eur3m 2017 2022 151Floating Bond 106 106 0.836 2017 2024 106 106Bond 1.375% (a) 650 553 1.375 2017 2027 649 552Bond 1.000% (a) (c) 522 423 1.000 2018 2023 520 425Bond 1.250% (Climate Action bond) 500 500 1.250 2019 2025 500 500Bond 1.625% 250 250 1.625 2019 2030 252 252Bond 0% 700 700 0 2019 2024 697 699Bond 1% 600 600 1 2019 2034 591 592Bond 0.75% (Transition bond) 500 500 0.75 2020 2030 500 499Bond 0% (Transition bond) 600 600 0 2020 2028 597 597Bond 0% (Transition bond) 500 500 0 2021 2025 500 500Bond 0.75% (Transition bond) - TAP 250 250 0.75 2021 2030 258 258Bond 0.625% (Transition bond) 500 500 0.625 2021 2031 494 495Bond 0.75% (Sustainability-Linked Bond) 850 0.75 2022 2029 846Bond 1.25% (Sustainability-Linked Bond) 650 1.25 2022 2034 651Bond 3.375% (Taxonomy-Aligned 300 3.38 2022 2026 299Transition Bond)Total Euro Medium Term Notes (EMTN) 8,742 9,459 8,742 9,457Convertible bondsConvertible Bond 397 2017 2022 396TOTAL BOND LOANS 9,139 9,459 9,138 9,457(a) Bond loans subject to the 2022 Liability Management operation.(b) Bond re-opened in January 2015 for an incremental amount of 250 million euros with an interest rate and maturity similar to the original placement.(c) Bond re-opened in November 2018 for an incremental amount of 300 million euros with an interest rate and maturity similar to the original placement.Bonds (9,457 million euros) increased by 319 million euros compared to 31 December 2021 mainly as a result of: (i) the dual tranche issue of a fixed-rate Sustainability-Linked Bond, for a total nominal value of 1,500 million euros; (ii) the issue of the first EU Taxonomy-Aligned Transition Bond at a fixed rate, for a total nominal amount of 300 million euros. These changes were partly offset by the redemption of three bonds, with a total nominal value of 1,130 million euros, and the repurchase of bonds on the market, with a total nominal value of 350 million euros.Payables for bank loans (2,860 million euros) mainly relate to maturing loans (term loans), of which 1,572 million euros concern European Investment Bank (EIB) funding.There are no other long-term bank loans denominated in currencies other than the euro.27The weighted average interest rate on bank loans used (excluding loan contracts with the EIB) was 0.36% (0.2% for FY 2021). Amounts due to other lenders amounting to 202 million euros (2 million euros as of 31 December 2021) essentially refer to a Term Loan with a nominal value of 200 million euros to the parent company Cassa Depositi e Prestiti.There were no breaches of loan agreements as at the reporting date.Snam also has unused committed credit lines totalling 5.9 billion. Financial covenants and negative pledge commitmentsAt 31 December 2022, Snam has bilateral and syndicated loan agreements in place with banks and other lenders that are not secured by collateral.Some of these agreements include, inter alia, compliance with typical international practice commitments, some of which are subject to specific materiality thresholds, such as, for example: (i) negative pledge commitments pursuant to which Snam and its subsidiaries are subject to limitations concerning the pledging of real property rights or other restrictions on all or part of the respective assets, shares or merchandise; (ii) pari passu and change-of-control clauses; (iii) limitations on certain extraordinary transactions that the Company and its subsidiaries may carry out; and (iv) limits on the debt of subsidiaries.Failure to comply with these covenants, and the occurrence of other events such as cross- default events could result in Snam\u2019s failure to comply and, possibly, trigger the early repayment of the related loan. Exclusively for the EIB loans, the lender has the option to request additional guarantees if Snam\u2019s credit rating is lower than BBB (Standard & Poor\u2019s/Fitch Ratings Limited) or Baa2 (Moody\u2019s) for at least two of the three ratings agencies.The occurrence of one or more of the aforementioned scenarios could have negative effects on Snam Group\u2019s operations, results, balance sheet and cash flow, resulting in additional costs and/or liquidity issues.At 31 December 2022, the financial debt subject to these restrictive clauses amounted to approximately 3 billion.Bonds issued by Snam as at 31 December 2022, with a nominal value of approximately 9.5 billion, referred to securities issued under the Euro Medium Term Notes programme. The covenants established for the programme\u2019s securities are typical of international market practice and consist of, inter alia, negative pledge and pari passu clauses. Specifically, under the negative pledge clause, Snam and its material subsidiaries are subject to limitations to pledging or maintaining encumbrances on all or part of their assets or proceeds to guarantee present or future debt, unless this is explicitly permitted.27 It excludes the depreciation of the upfront fees. 18.3 Breakdown of net financial debtThe following table provides a breakdown of net financial debt, showing transactions with related parties:(million euros) 31.12.2021 31.12.2022A. + B. Cash and cash equivalents 1,337 1,757C. Other current financial assets D. liquidity (a + b + C) 1,337 1,757E. Current financial debt (including debt instruments, but excluding the current portion 3,115 1,280of non-current financial debt)F. Current portion of non-current financial debt (*) 1,866 1,243G. Current financial debt (E + F) 4,981 2,523of which with related parties 1 1H. Net current financial debt (G - D) 3,644 766I. Non-current financial debt (excluding current portion and debt instruments) (*) 2,411 2,457J. Debt instruments 7,966 8,700K. Trade payables and other non-current payablesL. Non-current financial debt (I + J + K) 10,377 11,157of which with related parties 200M. Total financial debt (H + L) 14,021 11,923(*) They include financial liabilities for leased assets recognised in accordance with IFRS 16 \"Leases\", of which 26 million euros are long-term and 7 million euros are short-term portions of long-term financial liabilities.18.4 Reconciliation of net financial debtIn compliance with the provisions of IAS 7 \u201cStatement of Cash Flows\u201d, we provide below the cash and non-cash changes to liabilities arising from financing activities and to assets included in net financial debt. Changes without impact on cash \ue7aeowConversion (million euros)Changes Change in Impact of into shares Other 31.12.2021in cash scope of 31.12.2022IFRS 16convertible changes\ue7aeowconsolidationbondCash and cash equivalents 1,337 427 (7) 1,757Liquidity and financial receivables 1,337 427 (7) 1,757Short-term financial liabilities (*) 3,115 (1,888) 53 1,280Long- term financial payables (*) 12,223 448 59 (381) 18 12,367Financial payables for leased assets 20 (8) 16 4 1 33Gross financial debt 15,358 (1,448) 16 116 (381) 19 13,680Net financial debt 14,021 (1,875) 16 116 (381) 26 11,923(*) They include the short-term portions of long-term financial debt.",
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"s8_notes__5__69-1": {
"value": "19 PROVISIONS FOR RISKS AND CHARGES 31.12.2021UtilisationsIncreases (million euros)Opening due for for Other Final Provisions balance to passing expensesexcesschangesbalance of timeProvision for decommissioning 710 4 (21) 20 713and site restorationProvision for litigation 15 4 (3) 16Provision for tax litigation 4 1 (1) 4Other provisions 69 15 (28) (7) 49TOTAL PRO VISIONS FOR RISKS 798 20 4 (49) (11) 20 782AND CHARGES31.12.2022UtilisationsIncreases (million euros)Opening due for for Change Other Final Provisionsbalance to passing expensesexcessin scope of changesbalance of timeconsolidationProvision for decommissioning 713 12 (7) 8 (228) 498and site restorationProvision for litigation 16 14 (9) 21Provision for tax litigation 4 8 (1) 11Other provisions 49 13 (18) 44TOTAL PRO VISIONS FOR RISKS 782 35 12 (25) (10) 8 (228) 574AND CHARGESThe provision for decommissioning and site restoration (Euro 498 million) includes the discounted estimate of costs expected to be incurred for the removal of facilities and the restoration of sites essentially in the natural gas storage (411 28million euros) and transportation (68 million euros) segments. The discounting for the provision for decommissioning and site restoration was carried out using the corresponding to the euro area Corporate Bond returns with an \u201cAA\u201d rating. The rate thus determined is approximately 3.7%. The last deadline in chronological order for disbursements related to the dismantling and restoration storage sites refers to the Bordolano concession, in 2041. The change in the scope of consolidation (8 million euros) refers to the acquisition of the companies operating in the biomethane business.The other changes (228 million euros) mainly refer to the effects deriving from the increase in the discount rates, mainly referring to the natural gas storage and transportation segment and partially off-set by inflation rates. Other provisions for risks and charges (44 million euros) mainly concern: (i) charges that the Group\u2019s insurance company Gasrule Insurance DAC expects to incur for insured claims (22 million euros); (ii) the provision for voluntary redundancies (7 million euros); (iii) the provision relating to the estimate of probable charges of a fiscal and financial nature (7 million euros). 28 The costs refer to the estimated expenses for the removal of the connection works to the Livorno LNG regasification terminal - OLT Offshore LNG Toscana. 29The sensitivity of the discount rate represents the change in the value of the actuarial liability obtained using the end-of-year valuation data, changing the discount rate, without any change in the other assumptions.(million euros) Change in discount rate10% reduction 10% increaseChange in the provision for decommissioning and site restoration at 31.12.2022 30 (28)28 CRIMINAL AND TAX DISPUTES AND PROCEEDINGS WITH THE REGULATORY AUTHORITY ARERA Snam is involved in civil, administrative and criminal cases and legal actions related to its normal business activities. According to the information currently available and considering the existing risks, Snam believes that these proceedings and actions will not have material adverse effects.The following is a summary of the most significant proceedings; unless indicated otherwise, no allocation has been made for the litigation described below because the Company believes it improbable that these proceedings will have an unfavourable outcome or because the amount of the allocation cannot be reliably estimated.At 31 December 2022, risks concerning compensation and disputes related to litigation that is ongoing but where the risk of losing the case is not considered probable amounted to 42 million euros (43 million euros at 31 December 2021).28.1 Criminal litigationSnam Rete Gas S.p.A. - Event Pineto On 6 March 2015 in Mutignano landslide affected 10 metres of the San Benedetto Del Tronto-Chieti section of the Ravenna-Chieti pipeline, causing it to break with the consequent escape of gas, with a subsequent fire due an electricity pylon collapsing at the same time. With regard to this event, the Public Prosecutor at the Court of Teramo immediately opened an investigation into negligence associated with the forest fire. Upon completion, the Prosecutor requested the Snam Rete Gas technicians and technical managers be brought to court. The committal to trial was ordered by the preliminary hearing judge for 3 October 2018. At the first main hearing on 10 January 2019, the presiding member of the bench asked the defence and the Public Prosecutor to comment on moving the proceedings to a single judge proficient in this issue. The parties referred to the decision of the Court, which after a short period in council chambers, passed the proceedings onto a competent single judge. The first main hearing was held on 17 September 2020, at which all parties presented their requests for evidence. In the past hearings, the examination and cross-examination of the witnesses of the Public Prosecutor\u2019s Office took place, and for the continuation of the activities, the Judge adjourned the hearing to March 2023 for the conclusion of the hearing of the technical consultants of the Public Prosecutor\u2019s Office and for the start of the witness examination of the technical consultants of the defence.28.2 Proceedings with the Autorit\u00e0 di Regolazione per Energia Reti e Ambiente - ARERA Snam Rete Gas S.p.A. - Investigation into violations on the subject of natural gas metering with regard to Snam Rete Gas S.p.A and request for information Through Resolution VIS 97/11, notified on 15 November 2011, the ARERA started proceedings to look into whether there were any violations with regard to natural gas metering, relating to alleged irregularities in gas metering with reference to 45 systems owned by the distributor; through Resolution 431/2012/S/Gas the proceedings were brought together with other proceedings involving said events contested by the company launched with regard to the distributor involved. Snam Rete Gas S.p.A. has submitted proposals in relation to the alleged conduct. By means of Resolution 332/2015/S/gas, the ARERA declared the proposals to be inadmissible, on the grounds that they would not be adequate to restore the alignment of interests existing before the alleged violations or to eliminate any immediate and direct consequences of these violations. Upon completion of the investigation on 20 October 2017, the ARERA notified the results to Snam Rete Gas, which confirmed the charges made when the proceedings were initiated. The company has requested time for it to formulate its own defence and, to this end, a hearing was called before the board of the Authority on 1 March 2018 during which the defence brief was submitted. After the proceedings, the Authority, although accepting some of the Company's arguments deemed relevant from the perspective of the quantification of the fine, imposed an administrative monetary fine on Snam Rete Gas, through resolution 206/2018/S/gas of 5 April 2018, of 880 thousand. Though it paid the fine, the Company has appealed Resolution 206/2018/S/gas before the Regional Administrative Court of Milan. As a result of the hearing in June 2022, with ruling 2142/2022 published on 29 September 2022, the Regional Administrative Court upheld Snam Rete Gas's appeal insofar as it complained of the excessive duration of the punitive proceedings. ARERA promptly appealed the ruling before the Council of State.Snam Rete Gas S.p.A. - Resolution 9/2014/S/gas \u2013 \u201cLaunch of punitive proceedings against Snam Rete Gas S.p.A. for non-compliance with Resolution 292/2013/R/gas\u201d With Resolution 9/2014/S/gas the ARERA launched punitive proceedings against Snam Rete Gas S.p.A. for non-compliance with Resolution 292/2013/R/gas.The proceedings aim to ascertain whether or not delays exist in provisions relating to the enactment of amendments to the Network Code established by Resolution 292/2013/R/gas, with regard to settlement. Upon conclusion of the proceedings, with its resolution 853/2017/S/gas, the Authority sentenced Snam Rete Gas to pay a pecuniary fine of 95 thousand since, although it accepted a part of the Company\u2019s arguments which were significant insofar as determining the amount of the fine, it considered that the Company was late in complying with Resolution 292/2013/R/Gas. Though it paid the fine, the Company has appealed Resolution 853/2017/S/gas before the Regional Administrative Court of Milan. The Regional Administrative Court (TAR), with ruling No. 1914/2022, upheld Snam Rete Gas' appeal. The judgment was not appealed within the time limit and therefore became res judicata.Snam Rete Gas S.p.A. - Resolution 250/2015/R/gas, published on 01 June 2015, concerning: \u201cAdoption of measures on the odorising of gasfor domestic use and similar for end users connecteddirectly to the natural gas transportation networks\u201d Through Resolution 250/2015/R/gas, following the ruling of the Milan regional administrative court, the ARERA amended Article 5 of Resolution 602/2013/R/ gas dealing with the obligation of transportation companies to odorise gas for end users connected directly to the transportation network, which, taking into account the categories of use indicated in the Testo Integrato Settlement Gas (TISG), do not use the gas delivered for merely technological purposes. In this regard, the ARERA ordered that the transportation companies should completed the implementation of the adaptation plans by 31 January 2017, after carrying out a survey of the redelivery points involved and sending the ARERA the adaptation plan, to be updated every six months, with the description of the technical solution identified. Snam Rete Gas has appealed against the above resolution believing that the deadline for implementing the plan can only be decided after the survey. Having carried out the survey, when sending the plan and the subsequent updates Snam Rete Gas once again found that the deadline set by the ARERA with its Resolution 484/2016/E/gas was unreasonable. Consequently, in the appeal with which Snam Rete Gas challenged Resolution 250/2015/R/gas, it also included an appeal for further grounds against Resolution 484/2016/E/gas asking for the resolutions challenged to be suspended. The request was accepted by the Council of State. Following the hearing that was held on 16 January 2019, through ruling no. 869 of 17 April 2019, the Milan Regional Administrative Court accepted the appeal submitted by Snam Rete Gas declaring the unlawfulness of the deadline set by the Authority because it was clearly unreasonable as it does not take into account the complexity of the activities to be carried out by the transportation company and the need to collaborate with end users on whom the burden of guaranteeing the use of gas in safe conditions for the workers involved weighs.Note that through the Ministerial Decree of 18 May 2018 the Minister for Economic Development placed the responsibility of guaranteeing the use of gas in safe conditions on the end users directly connected to the natural gas transportation network, where there is domestic or similar use of gas, even only in part, if combined with technological uses. Following the functional activities to the implementation of the Decree, the end users demonstrated that they guaranteed the safe use of the gas in accordance with the methods laid down by said Decree.As part of the Consultation Document (DCO 203/2019/R/Gas) as preparation for the revision of the regulation on the transportation service quality, ARERA demonstrated it\u2019s intention to: (i) confirm the regulatory framework pursuant to the above Resolution 250/2015/R/ Gas without setting a deadline by which the Plan has to be implemented; and (ii) promote a regulatory amendment aimed at coordinating the regulation with the aforementioned Ministerial Decree. Following on from what the DCO anticipates, through Resolution 554/2019/R/gas, the Authority confirmed the previous regulatory regime (the obligation of the transportation company to take responsibility for the odorising) thereby putting forward the issue of coordination with the obligations imposed by the Decree. Therefore, pending a possible regulatory change, Snam Rete Gas challenged Resolution 554/2019/R/gas The hearing date remains to be set.28.3 Tax disputes Snam Rete Gas S.p.A. - IMU/TASI - Municipalities in Northern ItalySome municipalities of northern Italy sent Snam Rete Gas 17 assessment notices for IMU/TASI for the years 2016, 2017 and 2018, which follow on from requests for information for land registry purposes pursuant to Article 1, paragraph 693 of Law 147/2013. The company has made a provision for risks and charges. Stogit S.p.A. - IMUThe Municipality of Bordolano ascertained the IMU position in relation to the building areas owned by the Company in the territory of the same Municipality for the years 2012 to 2015. The amounts assessed by the Municipality with the notices of assessment relating to the tax years 2012, 2013 and 2014 - as redetermined by the Lombardy Regional Tax Commission - were paid by the Company during 2020, pending the related legal proceedings.The assessment notice issued by the Municipality in 2015 is still sub iudice in first instance.With reference to the subsequent years 2016 - 2017 - 2018, the Company has already adjusted its payments to the higher value assessed by the Municipality.Snam S.p.A. - Questionnaire Q00017/2020 on VAT On 13 February 2020, the Inland Revenue served Snam a VAT questionnaire requesting the reasons for the tax amnesty made in 2016 with reference to the years 2012, 2013, 2014 and 2015. In particular, in 2016, the Company submitted supplementary declarations for the years 2012 to 2014 to acknowledge that, starting in 2012, it was carrying out a new activity of granting loans and that, in relation to this activity, the Company intended to avail itself of the optional separation of activities for VAT purposes pursuant to art. 36, paragraph 3 of Italian Presidential Decree no. 633/1972. As regards 2015, the relevant annual declaration was submitted within the ordinary time limits and an amicable settlement was made to remedy certain irregularities (also related to the keeping of separate accounts) that had affected the correct monthly settlements. Following a preliminary investigation, on 21 December 2020, the Revenue Agency served an order to appear for the establishment of the cross-examination of the years 2012-2013-2014-2015, in order to better verify whether the Company actually behaved \" ex ante\" in this sense.The Company, in order to avoid a long and complex dispute, on 25 March 2021 and 30 November 2022, following the acceptance of the assessment, paid the agreed amounts.28.4 Other proceedingsSnam Rete Gas S.p.A. - Regulation criteria for natural gas transmission and dispatching tariffs for the period 2010-2013 By ruling No. 2888/2015, the Council of State rejected the appeal filed by ARERA asking it to overturn ruling No. 995/2013 by the Regional Administrative Court of Milan, which voided the provisions of resolutions ARG/gas/184/09, 192/09, 198/09 and 218/10 concerning natural gas transportation and dispatching rates for the 2010-2013 period, specifically with regard to the commodity/capacity allocation, the reform of the entry/exit model and gas for consumption by compression stations (self- consumption).By way of Resolution 428/2015/C/gas, ARERA resolved to appeal for revocation on the grounds of an error of fact against the aforementioned ruling, an appeal which was subsequently withdrawn on 29 March 2018 due to the lack of interest in continuing the proceedings. At the same time, the Authority complied with the aforementioned rulings by way of Resolution 550/2016/R/gas whereby, having reformed the rules on self-consumption, it justified its confirmation of the remaining tariff criteria also in light of the consultations carried out. Given the confirmatory nature of the aforementioned resolution, the original appellant contested for compliance with the aforementioned rulings and a declaration of the nullity of Resolution 550/2016/R/gas. By ruling no. 494/2017, the Milan Regional Administrative Court partially upheld the appeal with specific reference to the issue of the commodity/capacity allocation, finding that the contested Resolution complied inaccurately and partially with ruling No. 995/2013 and that, therefore, the Authority should carry out an additional assessment of the effects of the choices made. Ruling No. 494/2017 was challenged by the appellant, as well as incidentally by ARERA. In judgement no. 1840/2018 of 23 March 2018, the Council of State, in partial acceptance of the Authority\u2019s cross-appeal, dismissed the action of nullity for breach of judgement filed by the appellant at first instance and ordered the conversion of the proceedings into an ordinary judgement of annulment. The appellant consequently resumed the proceedings before the Milan Regional Administrative Court.It should also be noted that in its recent ruling no. 301/2021, the Milan Regional Administrative Court partially annulled, on partly similar grounds, ARERA Resolution no. 575/2017/R/gas relating to the 2018- 2019 transitional regulatory period. In particular, the caesuras at the 90:10 ratio between the capacity/commodity components were confirmed. In addition, the Regional Administrative Court held that the aforementioned resolution should be annulled in so far as it provides for the determination of unit transport costs on the basis of calculations of gas flows (so-called flows and counter-flows). The judgement was appealed by the Authority. The Regional Administrative Court, in ruling no. 219/2022, upheld a similar appeal in relation to the tariff regime for the 2014-2017 thermal years set forth in ARERA Resolution no. 514/2013/R/gas, in relation to which the terms for any appeal are pending. The ruling, which was appealed by ARERA, was confirmed by ruling No. 8523/2022 of the Council of State.Lastly, it should be noted that the judgements of the Milan Regional Administrative Court (TAR) no. 440/2020 and no. 33/2021 partially annulled the aforementioned Resolution no. 575/2017/R/gas, as well as Resolution no. 114/2019/R/gas (2020-2023 tariff criteria) insofar as they do not provide for a degressive tariff in favour of large gas consumers in implementation of specific primary legislation. Both judgements were appealed by the Authority; the discussion of the appeals before the Council of State was held in April 2022, which was followed by Judgements Nos. 6096/2022 and 6098/2022 rejecting the Authority's respective appeals. In compliance with the aforementioned rulings, ARERA adopted DCO 41/2023/R/gas containing the Authority's guidelines in relation to cost-efficiency measures in the transportation tariff system for subjects with higher natural gas consumption.In all the above cases, the disputed profiles do not affect the revenues recognised to the transport companies.Stogit S.p.A. - Appeals Coordination Environmental Committee (Ricorsi Coordinamento Comitato Ambientalisti) With the Presidential Decree of 16 September 2019, the binding opinion published by the Council of State on 27 June 2019, by which the appeals filed by the Appeals Coordination Environmental Committee plus others were accepted, was implemented. In that Presidential Decree it is stated that: (i) on account of the failure to file the documents relating to the environmental impact assessment in the municipalities of Azzanello and Verolavecchia, the VIA decree issued in 2009 for the construction of the new storage facility at Bordolano is annulled, without prejudice to the provisions contained therein, only in so far as it expresses a favourable opinion on environmental compatibility; (ii) the decree of the Ministry of Economic Development of 28 December 2011 (approval of the change in the work programme of the \"Bordolano Storage\" concession) is annulled, as well as (iii) the measures of the Ministry of the Environment (prot. no. 18804 of 8 August 2013 and prot. no.14583 of 16 May 2014), again on the subject of VIA, without prejudice to the continuing validity of the prescriptions contained therein, to protect public safety and security, which are in no way overturned by the annulment ruling. The Council of State also established the reopening of the VIA procedure and the Ministry of Environment promptly reopened the terms of the VIA (with note DVA U28389 of 29 October 2019) limited to the municipalities of Azzanello and Verolavecchia only; of these, only the municipality of Verolavecchia submitted comments, to which were added those of other parties. The proceedings are currently pending before the Technical Commission for Environmental Impact Assessment ( Commissione Tecnica per la Valutazione di Impatto Ambientale) and Stogit has provided all the technical clarifications in response to the comments submitted. It should be added that the MED y note U.0025890 of 22 November 2019, issued a measure pursuant to Article 29, paragraph 3 of Legislative Decree no. 152/2006, which allows the continuation of storage activities at the Bordolano plant pending the completion of the VIA. There are grounds to believe that there is a remote risk that the positive environmental impact assessment will not be confirmed; however, also in light of the time that has elapsed, the possibility that the VIA will be confirmed by the Ministry of the Environment with the addition of prescriptive conditions with which Stogit will have to comply can be assessed as probable.Action brought by the Forum Ambientalista and Action brought by WWF Italia - Associazione Salviamo l\u2019Orso marsicano OdV against the integrated environmental authorisation for the new Sulmona power stationOn 2 June 2021, the Environmental Forum - which claims to be an environmental protection association - lodged an appeal with the Regional Administrative Court of Lazio for the annulment of Decree no. 000086 of 11.03.2021 of the Ministry for Ecological Transition concerning the issue of the integrated environmental authorisation (AIA) for the operation of the gas compression station of the company Snam Rete Gas S.p.A. located in Sulmona (AQ) - (ID 7015/9997) as well as all the prior, consequential or in any case related deeds. The applicant claims that its reasons are based on: i) the seismic risk to which the works of Snam Rete Gas are allegedly subject; ii) failure to conduct a preliminary investigation into emissions and failure to take account of their effects on animals and plants in the area concerned; iii) failure to carry out a strategic environmental assessment (SEA) as a precondition for the issue of the AIA; iv) shortcomings in the preliminary investigation procedure leading to the issue of the AIA. No interlocutory application was filed; at the hearing at the end of January 2023, the case was retained for decision. In an appeal to the President of the Republic dated 6 August 2021, the Italian Association for the Word Wife Found of Nature (WWF Italia Onlus) and the association Salviamo l'orso Bruno Marsicano_ODV also applied for the annulment of Decree No 0000086 of 11.03.2021 of the Ministry of Ecological Transition, which constitutes the IEA for the new Sulmona power station. The reasons given are: i) the ineffectiveness of the EIA which allegedly failed in 2016; ii) the excess of power in having ignored the observations of the Municipality of Sulmona and of the Maiella National Park, the Abruzzo National Park and the Monte Genzana Alto Gizio Regional Nature Reserve (iii) failure to take adequate account of the seismic risk; (iv) failure to take account of the public\u2019s comments; (v) infringement of the law and misuse of powers on account of failure to carry out preliminary investigations into atmospheric emissions and the impact on the climate; (vi) infringement of Directive 42/2001 EC by failing to carry out a strategic environmental assessment. Following an objection by Snam Rete Gas, the appeal was resumed before the Lazio Regional Administrative Court by the appellants on 3 November 2021. A hearing on the merits has been set for the end of May 2023.",
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"value": "20 DEFERRED TAX LIABILITIES/ASSETS (million euros) 31.12.2021 31.12.2022Deferred tax liabilities, before offsetting 230 128Offsetting with deferred tax assets (195) (77)DEFERRED TAX LIABILITIES 35 51Deferred tax assets, before offsetting (497) (408)Offsettable deferred tax liabilities 195 77DEFERRED TAX ASSETS (302) (331)Deferred tax liabilities and assets, before offsetting, are analysed below, based on the nature of the most significant temporary differences:31.12.2021Changes Impact (million euros)Of Of Opening recognized recognised in Other Final which: which: balancein income shareholders\u2019 changesbalanceIRESIRAPstatementequityDepreciation, amortisation and impairment 394 (336) 58 58carried out for tax purposes onlyDecommissioning and site restoration 114 5 119 102 17Revaluations of tangible assets 31 3 34 32 2Capitalisation financial expense 6 6 5 1Write-down of excess receivables 3 3 3Other temporary differences 20 (9) (1) 10 8 2Deferred tax liabilities, before offsetting 568 (342) 4 230 208 22Decommissioning and site restoration (199) 4 (5) (200) (171) (29)Non-deductible depreciation and amortisation (172) (31) (203) (201) (2)Provisions for risks and charges and other (52) 7 4 (41) (37) (4)non-deductible provisionsGrants and contractual contributions (19) 1 (18) (15) (3)Employee benefits (6) 1 (1) (6) (6)Other temporary differences (30) 1 (29) (26) (3)Deferred tax assets, before offsetting (478) (17) 3 (5) (497) (456) (41)29 For the purposes of sensitivity, only provisions for risks and charges showing a significant accretion discount were taken into account. 31.12.2022Changes Impact (million euros)Change Of Of Opening recognized recognised in Other Final in scope of which: which: balancein income shareholders\u2019 changesbalanceconsolidationIRESIRAPstatementequityDepreciation, amortisation and impairment carried out for tax 58 58 58purposes onlyDecommissioning and site restoration 119 (119)Revaluations of tangible assets 34 (3) (5) 20 46 44 2Capitalisation financial expense 6 6 5 1Write-down of excess receivables 3 3 3Other temporary differences 10 2 (1) 4 15 13 2Deferred tax liabilities, before 230 (1) (125) 24 128 123 5offsettingDecommissioning and site restoration (200) (1) 119 (82) (70) (12)Non-deductible depreciation (203) (32) (235) (233) (2)and amortisationProvisions for risks and charges (41) 1 (40) (39) (1)and other non-deductible provisionsGrants and contractual contributions (18) 1 (17) (15) (2)Employee benefits (6) 2 (4) (4)Other temporary differences (29) (6) 5 3 (3) (30) (24) (6)Deferred tax assets, before offsetting (497) (37) 7 122 (3) (408) (385) (23)",
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"value": "21 LIABILITIES FOR EMPLOYEE BENEFITS(million euros) 31.12.2021 31.12.2022Employee severance indemnity (TFR) 26 20Supplementary Health Insurance for Managers of Eni companies (FISDE) 7 4Other liabilities - employee benefits related to seniority bonuses 3 3TOTAL LIABILITIES FOR EMPLOYEE BENEFTS 36 27Liabilities for employee benefits, in the amount of 27 million euros, decreased by 9 million euros, mainly due to the increase in expected discount and inflation rates.The provision for employee severance pay (TFR), governed by Article 2120 of the Italian Civil Code, represents the estimated liability determined on the basis of actuarial procedures for the amount to be paid to employees at the time that the employment is terminated. The principal amount of the benefit is equal to the sum of portions of the allocation calculated on compensation items paid during the employment and revalued until the time that such relationship is terminated. Due to the legislative changes introduced from 1 January 2007 for companies with more than 50 employees, a significant part of severance pay to be accrued is classified as a defined-contribution plan since the company\u2019s only obligation is to pay the contributions to the pension funds or to INPS. Liabilities related to severance pay pre-dating 1 January 2007 remain a defined-benefit plan to be valued using actuarial methods. 30FISDE includes the estimated actuarially determined charges for the contributions to be paid to serving and retired managers. 30 For executives in service, contributions are calculated from the year in which the employee retires and refer to the years of service provided. 31FISDE provides financial supplementary healthcare benefits to Eni Group executives and retired executives whose most recent contract of employment was as an executive with the Eni Group. FISDE is funded through the payment of: (i) contributions by member companies; (ii) contributions paid by Shareholders for themselves and their immediate family; and (iii) ad hoc contributions for specific benefits. The amount of the liability and the healthcare cost are determined on the basis, as an approximation of the estimated healthcare expenses paid by the fund, of the contributions paid by the company in favour of pensioners.The early retirement fund refers to expenses incumbent upon the employer from application of the implementation agreement, relating to the early retirement instrument for employees regulated pursuant to Article 4 paragraphs 1 - 7 of Law 92/2012 (the \u201cFornero Law\u201d).Deferred monetary incentive plans are allocated to executives who have met the goals set out in the year preceding the allocation year, and allocate a basic incentive that is disbursed after three years and varies according to the performance achieved by the Company during the course of the three-year period following the time of the allocation. The benefit is provisioned when Snam\u2019s commitment to the employee arises. The estimate is subject to revision in future periods, based on the final accounting and updates to profit forecasts (above or below target). The long-term monetary incentive plans, involve the granting and payment, of a variable monetary bonus tied to a measure of company performance. Obtaining the benefit depends on the achievement of certain future performance levels and is conditional on the beneficiary remaining with the Company for the three-year period following the allocation (the \u201cvesting period\u201d). This benefit is allocated pro rata over the three-year period depending on the final performance parameters. From 2017, the new share-based variable long-term incentive plan (equity ILT) was introduced instead of the 32long-term monetary incentive plans (IMD and ILT).Seniority bonuses are benefits paid upon reaching a minimum service period at the company and are paid in kind in the form of goods and/or services.The composition and changes in liabilities for employee benefits, determined by applying actuarial methods, are as follows: 31.12.2021 31.12.2022(million euros)Iso-Other Other TFR FISDEpension Total TFR FISDETotalliabilitiesliabilitiesFundOPENING LIABILITIES FOR EMPLOYEE 25 6 6 3 40 26 7 3 36BENEFITSCosts related to current services (recognized 1 (4) (3) 1 1in \"personnel costs\")Actuarial (gains)/losses resulting from experience adjustments (recognised in other 1 1components in the comprehensive income statement)Actuarial (gains) / losses resulting from changes in financial assumptions (recognised 1 1 2 (5) (3) (8)in other components in the comprehensive income statement)Benefits paid (2) (2) (4) (2) (2)CLOSING LIABILITIES 26 7 3 36 20 4 3 27FOR EMPLOYEE BENEFITS31 The fund provides the same benefits for Snam Group executives. 32 For more information on the characteristics of this plan, refer to the \u201cOther information\u201d paragraph of the Directors\u2019 Report. The main actuarial assumptions used to determine liabilities at the end of the year and to calculate the cost for the following year are indicated in the table below.31.12.2021 31.12.2022(million euros)Other Other TFR FISDETFR FISDEliabilitiesliabilitiesDiscount rate (%) 0.9 0.9 0.9 4.0 4.0 4.0Inflation rate (%) (*) 1.9 1.9 1.9 2.5 2.5 2.5(*) With reference to other liabilities, the rate refers only to seniority premiums.The discount rate adopted was determined by considering the yields on bonds issued by Eurozone companies with AA ratings.The employee benefit plans recognised by Snam are subject, in particular, to interest rate risk, as a change in the discount rate could result in a significant change in the liability.The table below illustrates the effects of a reasonably possible change in the discount rate at the end of the year. It should also be noted that any changes relating to mortality do not have a significant effect on liability. The sensitivity of the discount rate represents the change in the value of the actuarial liability obtained using the end-of-year valuation data, changing the discount rate by a certain number of basis points, without any change in the other assumptions.(million euros) Change in discount rateEffect on net obligation at 31.12.2022 reduction of 0.5% increase of 0.5%Change in TFR liabilities at 31.12.2022 0 (1)Change in FISDE liabilities at 31.12.2022 1 0The maturity profile of the obligations for employee benefit plans is shown in the following table:31.12.2021 31.12.2022(million euros)Other Other TFR FISDETotal TFR FISDETotalliabilitiesliabilitiesWithin the next financial year 2 2 1 1Within five years 4 4 5 5Over five and up to ten years 9 1 1 11 11 1 1 13More than ten years 11 6 2 19 3 3 2 8TOTAL LIABILITIES FOR EMPLOYEE BENEFITS 26 7 3 36 20 4 3 27The weighted average maturity of obligations for employee benefit plans is shown below:31.12.2021 31.12.2022(million euros)Other Other TFR FISDETFR FISDEliabilitiesliabilitiesWeighted average duration (years) 9 24 11 8 19 10",
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"value": "22 OTHER CURRENT AND NON-CURRENT LIABILITIES31.12.2021 31.12.2022(million euros)Non-Non-CurrentTotal CurrentTotalcurrentcurrentRegulatory liabilities 19 42 61 104 112 216Fair value interest rate hedging derivatives 2 1 3IRPEF withholdings for employees 7 7 8 8Other taxes 5 14 19 29 29Security deposits 641 641 1,382 1,382Liabilities for connection contributions 3 3 6 6Other 20 17 37 727 2 729TOTAL OTHER CURRENT AND NON-CURRENT LIABILITIES 53 718 771 868 1,502 2,370Regulatory liabilities (216 million euros) mainly refer to the transportation segment (169 million euros) mainly made up of penalties charged to users that exceeded the capacity committed, to be repaid to the system through tariff adjustments. The current and non-current portions amount to 104 and 112 million euros respectively (19 and 42 million euros respectively at 31 December 2021).Security deposits (1,382 million euros) are payments received as a guarantee mainly by the users of the balancing service, pursuant to Resolution ARG/gas 45/11. The item \"Other\", equal to 729 million euros, mainly attributable to the transportation segment (706 million euros), refers to liability for the volumes of gas to use for the coming winter, in compliance with Resolution 165/2022/R/Gas \u201cUrgent provisions for the allocation of storage capacity pursuant to the decree of the Minister of Ecological Transition 1 April 2022, n.138\u201d.",
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"s8_notes__5__72": {
"value": "22 OTHER CURRENT AND NON-CURRENT LIABILITIES31.12.2021 31.12.2022(million euros)Non-Non-CurrentTotal CurrentTotalcurrentcurrentRegulatory liabilities 19 42 61 104 112 216Fair value interest rate hedging derivatives 2 1 3IRPEF withholdings for employees 7 7 8 8Other taxes 5 14 19 29 29Security deposits 641 641 1,382 1,382Liabilities for connection contributions 3 3 6 6Other 20 17 37 727 2 729TOTAL OTHER CURRENT AND NON-CURRENT LIABILITIES 53 718 771 868 1,502 2,370Regulatory liabilities (216 million euros) mainly refer to the transportation segment (169 million euros) mainly made up of penalties charged to users that exceeded the capacity committed, to be repaid to the system through tariff adjustments. The current and non-current portions amount to 104 and 112 million euros respectively (19 and 42 million euros respectively at 31 December 2021).Security deposits (1,382 million euros) are payments received as a guarantee mainly by the users of the balancing service, pursuant to Resolution ARG/gas 45/11. The item \"Other\", equal to 729 million euros, mainly attributable to the transportation segment (706 million euros), refers to liability for the volumes of gas to use for the coming winter, in compliance with Resolution 165/2022/R/Gas \u201cUrgent provisions for the allocation of storage capacity pursuant to the decree of the Minister of Ecological Transition 1 April 2022, n.138\u201d.",
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"s8_notes__5__74": {
"value": "23 TRADE PAYABLES AND OTHER PAYABLES(million euros) 31.12.2021 31.12.2022Trade payables for the purchase of goods and services 1,348 1,546Total trade payables 1,348 1,546Other payables- Payables to the Energy and Environmental Services Fund (CSEA) 677 5,571- Payables for investment activities 412 519- Interim dividend 343 369- Payables to employees 42 45- Payables to pension and social security institutions 22 25- Other 45 54Total other payables 1,541 6,583TOTAL TRADE PAYABLES AND OTHER PAYABLES 2,889 8,129Trade payables for the purchase of goods and services (1,546 million euros) mainly relate to the transportation segment (1,163 million euros, of which 306 million euros from balancing activities). Trade payables for investments (519 million euros) mainly relate to the natural gas transportation (353 million euros) and storage (65 million euros) segments. Payables to the CSEA (5,571 million euros) mainly refer to: (i) payables related to the rebate of amounts obtained from the sale of gas volumes purchased for the last resort filling service in compliance with Resolution 274/2022/R/Gas (2,348 million euros); (ii) balancing liabilities (1,206 million euros); (iii) additional components (1,964 million euros).The interim dividend (369 million euros) refers to payable to shareholders following the 2022 interim dividend of 0.11 euros per share, approved on 09 November 2022. The advance payment was made as of 25 January 2023. Note 37 \u201cTransactions with related parties\u201d contains information about payables due to related parties.",
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},
"s8_notes__5__75": {
"value": "24 EQUITY (million euros) 31.12.2021 31.12.2022Share capital 2,736 2,736Treasury shares (354) (33)Share premium reserve 611 611Legal reserve 547 547Cash flow hedge reserve (54) (39)Reserve for defined-benefit plans for employees (11) (4)Fair value reserve for equity investments 32 (12)Reserve for business combinations under common control (674) (674)Other reserves 100 212Total reserves (60) 30Retained earnings 3,117 3,822Interim dividend (343) (369)Profit for the year 1,496 671Total retained earnings 4,270 4,124Equity attributable to Snam\u2019s shareholders 7,203 7,468Minorities\u2019 equity 37 56TOTAL EQUITY 7,240 7,52424.1 Share capitalAt 31 December 2022, the share capital consisted of 3,360,857,809 shares without nominal value (at 31 December 2021), against a total value of 2,735,670,475.56 euros (at 31 December 2021). 24.2 Treasury sharesThe negative reserve for treasury shares includes the purchase cost of 8,101,437 treasury shares in portfolio as at 31 December 2022 (88,556,228 treasury shares, equal to 2.63% of the share capital, as at 31 December 2021), equal to 0.24% of the share capital, for a value of book equal to 33 million euros (354 million euros as at 31 December 2021). The reduction in the number of treasury shares compared with 31 December 2021 is attributable to: (i) the assignment of 79,444,888 shares to service the Snam Convertible Bond, against requests for conversion of bonds with a nominal value of 381 million euros; (ii) the free assignment of 1,760.307 shares to Snam executives under the 2019 Share-based Incentive Plan, the vesting period of which expired in July 2022, and the simultaneous repurchase, from the assignee executives themselves, of 750,404 shares to cover the amount of taxes owed by the assignees to the Authority. Detailed information on treasury shares and long-term share-based incentive plans are shown in the \u201cOther information\u201d section of Directors\u2019 Report, to which reference should be made.24.3 Share premium reserveThe share premium reserve at 31 December 2022 amounted to 611 million euros (the same at 31 December 2021).24.4 ReservesLegal reserveThe legal reserve amounted to 547 million euros at 31 December 2022 (unchanged at 31 December 2021) and has already reached one-fifth of the share capital as required by Article 2430 of the Italian Civil Code. Cash flow hedge reserveThe cash flow hedge reserve (-39 million euros, -54 million euros at 31 December 2021, net of related tax effects) relates to the fair value measurement of hedging derivatives. The changes in the reserve during the course of the year are shown below:(million euros) Gross reserve Tax e\ue7aaect Net reserveBALANCE AT 01.01.2021 (87) 20 (67)Changes in 2021 17 (4) 13BALANCE AT 31.12.2021 (70) 16 (54)Changes in 2022 19 (4) 15BALANCE AT 31.12.2022 (51) 12 (39)Reserve for defined-benefit plans for employeesAt 31 December 2022, Reserve for defined-benefit plans for employees -4 million euros (-11 million euros at 31 December 2021) included actuarial losses, net of the relative tax effect, recognised under other components in the comprehensive income statement pursuant to IAS 19. Fair value reserve for equity investmentsThe fair value reserve as at 31 December 2022 (-12 million euros; 32 million euros as at 31 December 2021) includes the change in fair value, net of tax effects of minority interests that were designated as accounted for FVTOCI upon initial recognition (\u201cfair value recognized through other components in the comprehensive income statement\u201d). See Note 11 \u201cOther current and non-current financial assets\u201d for further details.Reserve for business combinations under common controlReserve for business combinations under common control (-674 million euros; unchanged from 31 December 2021) recognised in 2009, relates to the value arising from the difference between the purchase cost of the Stogit investment and the related shareholders\u2019 equity attributable to the group at the date of completion of the transaction, as part of a business combination under common control (BCUCC) transaction carried out in 2009 with the former parent company Eni. Other reservesOther reserves of 212 million euros (100 million euros as at 31 December 2021) mainly refer to the portion of the other components in the comprehensive income statement of equity investments accounted for using the equity method related, in particular, to the change in the fair value of derivative hedging instruments. 24.5 Retained earningsRetained earnings (4,124 million euros) include:\u2022 prior-year profits of 3,822 million euros at 31 December 2021 (3,117 million euros as at 31 December 2021); the increase of 705 million euros was mainly due to the 2021 profit remaining after the distribution of the dividend (624 million euros) and the effects of the conversion into shares of the convertible bond that matured in March 2022;\u2022 the interim dividend of 369 million euros, equal to 0.1100 euros per share, was approved on 09 November 2022 by the Board of Directors pursuant to Article 2433-bis, paragraph 5 of the Italian Civil Code. The interim dividend was paid out as of 25 January 2023, with an ex-coupon date of 23 January 2023 and a record date of 24 January 2023;\u2022 profit for the year 2022 of 672 million euros (671 million euros excluding non-controlling interests).24.6 Dividends declared and distributed and dividends to be distributedThe Ordinary Shareholders' Meeting of Snam S.p.A. resolved on 27 April 2022 to distribute a dividend of \u20ac0.1572 per share, to be paid starting from 22 June 2022 with ex-dividend date on 20 June 2022 and record date on 21 June 2022 (\u20ac527 million). The dividend for 2021 is therefore determined between an interim dividend of \u20ac0.1048 per share (\u20ac345 million), already distributed in January 2022, and the balance of \u20ac0.2620 per share.At the meeting of 15 March 2023, the Board of Directors proposed to the Shareholders' Meeting convened for 4 May 2023, the distribution of a dividend of \u20ac0.1651 per share which will be paid starting from 21 June 2023 with ex-dividend date 19 June 2023 and record date 20 June 2023. The dividend for 2022 is therefore determined between an interim dividend, equal to 0.1100 euro per share (369 million euro), already distributed in January 2023, and balance at 0.2751 euro per share.",
"dimensions": {
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"s8_notes__5__76": {
"value": "24.1 Share capitalAt 31 December 2022, the share capital consisted of 3,360,857,809 shares without nominal value (at 31 December 2021), against a total value of 2,735,670,475.56 euros (at 31 December 2021).",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s8_notes__5__77": {
"value": "24.2 Treasury sharesThe negative reserve for treasury shares includes the purchase cost of 8,101,437 treasury shares in portfolio as at 31 December 2022 (88,556,228 treasury shares, equal to 2.63% of the share capital, as at 31 December 2021), equal to 0.24% of the share capital, for a value of book equal to 33 million euros (354 million euros as at 31 December 2021). The reduction in the number of treasury shares compared with 31 December 2021 is attributable to: (i) the assignment of 79,444,888 shares to service the Snam Convertible Bond, against requests for conversion of bonds with a nominal value of 381 million euros; (ii) the free assignment of 1,760.307 shares to Snam executives under the 2019 Share-based Incentive Plan, the vesting period of which expired in July 2022, and the simultaneous repurchase, from the assignee executives themselves, of 750,404 shares to cover the amount of taxes owed by the assignees to the Authority. Detailed information on treasury shares and long-term share-based incentive plans are shown in the \u201cOther information\u201d section of Directors\u2019 Report, to which reference should be made.",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s8_notes__5__78": {
"value": "24.6 Dividends declared and distributed and dividends to be distributedThe Ordinary Shareholders' Meeting of Snam S.p.A. resolved on 27 April 2022 to distribute a dividend of \u20ac0.1572 per share, to be paid starting from 22 June 2022 with ex-dividend date on 20 June 2022 and record date on 21 June 2022 (\u20ac527 million). The dividend for 2021 is therefore determined between an interim dividend of \u20ac0.1048 per share (\u20ac345 million), already distributed in January 2022, and the balance of \u20ac0.2620 per share.At the meeting of 15 March 2023, the Board of Directors proposed to the Shareholders' Meeting convened for 4 May 2023, the distribution of a dividend of \u20ac0.1651 per share which will be paid starting from 21 June 2023 with ex-dividend date 19 June 2023 and record date 20 June 2023. The dividend for 2022 is therefore determined between an interim dividend, equal to 0.1100 euro per share (369 million euro), already distributed in January 2023, and balance at 0.2751 euro per share.",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s8_notes__5__79": {
"value": "25 BUSINESS COMBINATIONS Information on business combination transactions carried out during 2022, recognised in accordance with the provisions of IFRS 3 'Business Combinations' for which, as the definition of a Business Combination (BC) is applicable, Purchase Price Allocation (PPA) activities were performed, is presented below.Acquisitions completed during 2022 that fall within the definition of 'Business Combinations' under IFRS 3In addition to the transaction that led to the acquisition of control of Iniziative Biometano, for which reference is made to the section below entitled \"Business Combination of Iniziative Biometano and evaluations performed as at as at 31 December 2022\", control of 16 companies operating in the Biogas/Biomethane business was acquired in 2022. Consistent with the 3334, and 6 companies within the Waste CGUdefinition of the Group's CGUs, 10 companies were included within the Agri CGU. 33 List of acquired companies: 1) Societ\u00e0 Agricola Asola Energie Biogas S.r.l., 2) Societ\u00e0 Agricola Tessagli Agroenergie S.r.l., 3) Societ\u00e0 Agricola Santo Stefano S.r.l. 4) Societ\u00e0 Agricola Agrimezzana Biogas S.r.l., 5) Societ\u00e0 Agricola Agrimetano S.r.l. 6) Societ\u00e0 Agricola Carignano Biogas S.r.l.; 7) Emiliana Agroenergia Societ\u00e0 Agricola S.r.l.; 8) Piacentina Agroenergia Societ\u00e0 Agricola S.r.l.; 9) Societ\u00e0 Agricola San Giuseppe Agroenergia S.r.l.; 10) Societ\u00e0 Agricola La Valle Green Energy S.r.l.34 List of acquired companies: 1) Cupello Renerwaste S.r.l.; 2) Biowaste CH4 Anzio S.r.l., 3) Biowaste CH4 Foligno S.r.l., 4) Biowaste CH4 Group S.r.l., 5) Biowaste CH4 Genova S.r.l. 6) Biowaste CH4 Tuscania S.r.l.For the purposes of these consolidated financial statements as at 31 December 2022, the company has carried out a preliminary purchase price allocation; the process of identifying the fair value of the assets and liabilities acquired will be completed in the following period and, in any case, within 12 months from each respective acquisition date. The acquisitions pertaining to the Agri CGU were finalised for a total disbursement of 43 million euros, settled in full at closing. The preliminary allocation of the acquisition price resulted in the emergence of goodwill of 17 million euros and the recognition of 33 million euros allocated to intangible assets (attributable to the fair value of the plant authorizations held by the companies being acquired) in addition to the related deferred taxes of 9 million euros. 35With regard to the acquisitions pertaining to the Waste CGU, against a total disbursement of 47 million euros, the preliminary allocation of the acquisition price resulted in the emergence of goodwill of 23 million euros and the recognition of 22 million euros allocated to intangible assets (attributable to the fair value of the plant authorizations held by the companies being acquired) in addition to the related deferred taxes of 6 million euros. Business combination of Iniziative Biometano and evaluations performed as at 31 December 2022On 30 September 2020, through Bioenerys (formerly Snam4Environment), Femogas S.p.A. acquired a 50% investiment in the share capital of Iniziative Biometano S.p.A., a company that operates in the management of biogas and biomethane plants fuelled by biomasses of agricultural origin in Italy; the investment acquired, granted the right to jointly control Iniziative Biometano S.p.A.On 11 April 2022, following the exercise of a call option provided for within the contractual agreements between the shareholders, Bioenerys increased its shareholding in Iniziative Biometano S.p.A. from 50% to 51% of the share capital, resulting in the consequent acquisition of control instead of joint control; the transaction, within Snam's condensed interim consolidated financial statements at 30 June 2022, was recognised in accordance with the provisions of IFRS 3 'Business Combinations'.On 22 December 2022, Bioenerys and Femogas S.p.A. signed a binding term sheet, aimed at outlining the execution of a series of transactions that will lead Snam, in 2023, to lose control of Iniziative Biometano and certain companies controlled by it.For more details, see Note 17 'Assets Held for Sale and Directly Associated Liabilities'.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__80": {
"value": "26 GUARANTEES AND COMMITMENTS The Group's guarantees and commitments are highlighted below:(million euros) 31.12.2021 31.12.2022GUARANTEES GIVEN ON BEHALF OF COMPANIES UNDER JOINT CONTROL AND ASSOCIATES 1,129 1,230Of which:- associate TAP 1,129 1,129- company under joint control TAG 89- other associates 12GUARANTEES GIVEN IN THE INTEREST OF SUBSIDIARIES 221 632TOTAL GUARANTEES 1,350 1,862GROUP COMMITMENTS FOR THE PURCHASE OF GOODS AND SERVICES (*) 988 2,058COMMITMENTS TO SUBSCRIBE UNITS IN INVESTMENT FUNDS 33 41COMMITMENTS FOR THE SUBSCRIPTION OF SHARES 6TOTAL COMMITMENTS 1,021 2,105(*) The value includes legally binding orders at the reference date.35 The purchase price of 47 million euros was settled at the closing in the amount of 44 million euros, while the remaining 3 million euros refers to contractually agreed earn-outs.26.1 Guarantee given on behalf of the associate TAP 26.1.1 Guarantee given on behalf of the associate TAP At present, and until repayment of the loan, a mechanism is foreseen to support the repayment of the TAP outstanding financial debt (the so-called \"Debt Payment Undertaking\") which would be activated, unlike the guarantee on first demand, released upon reaching the \"Financial Completion Date\" on 31 March 2021, upon the occurrence of specific and determined conditions linked to exceptional events of an extraordinary nature. The maximum pro-rata Snam amount of the guarantee is 1,129 million euros.The financial documentation signed under the scope of the Project Financing concluded for TAP foresees, moreover, some limitations for the shareholders typical for operations of this type, including: (i) a restriction on the possibility of TAP shares being freely available according to certain time frames; (ii) the pledging of the shares owned by Snam in TOP in favour of the lenders for the entire duration of the loan. 26.1.2 Guarantee given on behalf of the company under joint control TAG The contractual agreements (Shareholders' Agreements) stipulated between Snam and GCA provide, inter alia, that in the case of new investment projects, if TAG is not capable of self-financing, the other companies must finance it according to the equity investment held by each shareholder. In addition, following the worsening of the economic scenario dominated by tensions and uncertainties generated by the recent Russia-Ukraine conflict, the shareholders Snam and GCA have guaranteed TAG on the coverage of any liquidity shortfalls should the company not be able to use the credit lines already at its disposal and/or in the process of being finalised, for a period equal to 12 months from the date of issuance of the audit report on the 2021 financial statements of TAG (i.e. starting from 30 June 2022) and for a maximum amount equal to 100 million euros in proportion to their respective stakes in the company's share capital (for Snam, a potential maximum outlay of approximately 89 million euros).26.2 Guarantees given on behalf of subsidiariesGuarantees given in the interest of subsidiaries (632 million euros; 221 million euros as at 31 December 2021) mainly relate to:(i) guarantee provided in the interest of Snam FSRU Italia S.r.l. in connection with the acquisition of FSRU BW Singapore;(ii) guarantees provided in favour of the Italian Revenue Agency mainly on behalf of the subsidiaries Stogit, GNL, Snam4Mobility, Cubogas and Enura (147 million euros); (iii) indemnities issued in favour of third parties as a guarantee of proper performance of the work (79 million euros); (iv) surety guarantees issued by Iniziative Biometano S.p.A. on behalf of companies controlled by the latter (17 million euros). 26.2.1 Guarantee given in the interest of Snam FSRU Italia S.r.l. in connection with the acquisition of FSRU BW SingaporeWith the signing, on 6 July 2022, of the Share Sale and Purchase Agreement (SPA) for the acquisition of 100% of the share capital of FSRU I Limited (NewCo which at the closing, scheduled for the end of 2023, will hold the FSRU \"BW Singapore\"), Snam S.p.A. has issued a Parent Company Guarantee in favor of the seller BW Gas Cyprus Limited in the interest of Snam FSRU Italia S.r.l.The guarantee concerns all payments due on the closing date by Snam FSRU Italia S.r.l. to the seller under the SPA, corresponding to:\u2022 USD 355 million, equal to a total of 333 million euros (at the spot exchange rate at December 31, 2022), equal to the residual amount of the acquisition price to be paid to the seller;\u2022 the value of the fuel and LNG on board the FSRU on the closing date which will be determined and ascertained in accordance with the procedures set out in the SPA.26.3 Group commitments for the purchase of goods and services The commitments for the purchase of goods and services (2,058 million euros; 988 million as at 31 December 2021) mainly regard the commitments made with suppliers for the purchase of tangible fixed assets and the supply of services relative to the investments being made.26.4 Commitments to subscribe units in investment funds Commitments to subscribe units in investment funds (41 million euros) relate to: (i) Snam S.p.A.'s residual commitment to the Clean H2 Infra Fund (HY24) (33 million euros), as part of the investment programme that the fund proposes to carry out over a total of six years; (ii) Snam S.p.A.'s residual commitment to the CDP Corporate Partners I - Energy Tech Fund (8 million euros), as part of the investment programme that the fund proposes to carry out over a total of five years. These funds may be called, even partially and in several tranches, upon identification by the Fund of potential eligible investments pursuant to the fund rules.26.5 Other unevaluated commitments and risks Other unevaluated commitments and risks refer mainly to commitments undertaken at the time of the closing of equity purchase transactions, which will continue to apply after the date of execution of those transactions.As of 31 December 2022, commitments related to the following agreements remain in place:\u2022 the contract through which Eni acquired Stogit, for commitments related to the occurrence of future events, such as (i) the possible different valuation of the gas owned by Stogit, compared to the valuation recognised by ARERA ( Autorit\u00e0 di Regolazione per Energia Reti e Ambiente- Energy, Networks and Environment Regulatory Authority) which may emerge in certain contractually defined circumstances; (ii) the possible transfer of the storage capacity which should be freely available on a negotiable basis rather than a regulated basis, or the transfer of concessions held by Stogit at the time of the share transfer that may become dedicated to mainly storage activities which are no longer regulated;\u2022 contract to purchase an equity interest in dCarbonX Ltd, for commitments related to the occurrence of future events, including obtaining certain licences and authorisations from dCarbonX Ltd.",
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"s8_notes__5__82": {
"value": "27.2 Risk of changes in interest rates The risk of changes in interest rates is associated with fluctuations in interest rates affecting the market value of the Company\u2019s financial assets and liabilities and its net financial expense. Snam\u2019s objective is to optimize the interest rate risk while pursuing its financial objectives. Snam Group has adopted a centralised organisational model. In accordance with this model, Snam\u2019s various departments access the financial markets and use funds to cover financial requirements, in compliance with approved objectives, ensuring that the risk profile stays within defined limits. At 31 December 2022, the Snam Group used external financial resources in the form of bond loans and bilateral and syndicated loans with banks and other financial institutions, in the form of medium- to long-term loans and bank credit lines at interest rates indexed to the reference market rates, in particular the Europe Interbank Offered Rate (Euribor), and at fixed rates. The exposure to the risk of changes in interest rates at 31 December 2022, taking into account the hedging transactions put in place, was approximately 20% of the total exposure of the Group (28% at 31 December 2021). At 31 December 2022, Snam had interest rate swap (IRS) derivative contracts in place for a notional total of 106 million euros, relating to hedges on a 106 million euros floating-rate bond maturing in 2024. Though the Snam Group has an active risk management policy, the rise in interest rates relating to floating-rate debt not hedged against interest rate risk could have negative effects on Snam Group\u2019s operations, equity situation and financial position. Even considering the limited exposure to changes in interest rates, limited to 20% of the Group\u2019s total exposure and fully attributable to the Euribor rate, a possible change in the method of calculating the latter and the related fall-back clauses that may be formulated could result in the Snam Group having to adjust the financial contracts that may be affected by the aforementioned change and/or the management of prospective cash flows.The effects on shareholders\u2019 equity and net profit at 31 December 2022 are shown below, assuming a hypothetical change in the interest rate basis points of +/-10% actually applied during the course of the year:31.12.2022Other components Income statement in the comprehensive (million euros)resultincome statementInterest Interest Interest Interest +10 bps-10 bps+10 bps-10 bpsInterest rate change effect (3) 3 Impacts gross of tax effect (3) 3Tax effect 1 (1)IMPACTS NET OF TAX EFFECT (2) 2(*) The change in the interest rate impacts on the change of fair value of derivative hedging instruments recognised amongst other components in the comprehensive income statement and, therefore, does not impact on the income statement result.",
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"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s8_notes__5__83": {
"value": "27.3 Credit risk Credit risk is the Company\u2019s exposure to potential losses arising from counterparties failing to fulfil their obligations. Default on or delayed payment of fees may have a negative impact on Snam's economic results and financial balance. For the risk of non-compliance by the counterparty concerning contracts of a commercial nature, the credit management for credit recovery and any disputes are handled by the business units and the centralised Snam departments. For trade receivables, provisions for bad debts reflect the value of expected losses over the life of the receivable and are made on the basis of the expected credit loss model or specifically on credit positions that present special risk elements. For further details, please refer to Note 5 \"Significant Accounting Policies - Financial assets measured at amortized cost\".Snam, as far as regulated activities are concerned, which currently represent almost all activities, provides its business services to 230 operators in the gas sector, with 10 operators representing approximately 67% of the entire market (Eni, Edison and Enel Global Trading hold the top three spots). The rules for Costumer access to the services offered are established by the Authorities and set out in the Network Codes.For each type of service, these documents explain the rules regulating the rights and obligations of the parties involved in selling and providing said services and contain contractual conditions, which significantly reduce the risk of customer default. The Codes contain guarantees to be provided to cover the obligations undertaken. In certain cases, if the customer has a credit rating issued by leading international organisation, the issuing of these guarantees can be mitigated. The regulations also contain specific clauses which guarantee the neutrality of the entity in charge of balancing, an activity carried out from 1 December 2011 by Snam Rete Gas as the major transportation company. In particular, the current balancing rules require that Snam, on the basis of financial merit criteria, mainly, operates in buying and selling on the GME balancing platform to guarantee the necessary resources for the safe and efficient movement of gas from the injection points to the withdrawal points in order to guarantee the constant equilibrium of the network. As regards non-regulated activities, which will become increasingly important over the Plan time horizon, the Company, through its centralised functions, performs a prior analysis of the financial soundness of counterparties in order to minimise this risk.Snam\u2019s maximum exposure to credit risk as at 31 December 2022 is represented by the book value of the financial assets recorded in the financial statements, detailed in Note 15 \u201cTrade and other receivables\u201d.The following table shows a breakdown of trade and other receivables by maturity, indicating the gross value and the value net of the provision for impairment losses:31.12.2021 31.12.2022(million euros)Trade Other Trade Other (*)(*)receivables receivables TotalTotalreceivables receivables Non-overdue receivables 2,412 602 3,014 3,686 380 4,066Overdue receivables: 317 317 558 558 - from 0 to 3 months 116 116 345 345 - from 3 to 6 months 54 54 60 60 - from 6 to 12 months 8 8 23 23 - beyond 12 months 139 139 130 130Total trade receivables and other 2,729 602 3,331 4,244 380 4,624receivables(*) The values are shown net of provision for bad debt of an amount equal to 100 million euros (85 million at 31 December 2021).The net book value of trade receivables past due at 31 December 2022 and not written down, amounting to 558 million euros, mainly refers to trade receivables of companies operating in regulated businesses; in particular they refer to: (i) the transportation segment (442 million euros), mainly for receivables from users related to balancing and settlement service items. These receivables fall within the neutrality mechanisms envisaged by the current regulatory framework; (ii) to the storage segment (77 million euros), in particular VAT invoiced to users for the use of strategic gas unduly withdrawn and not replenished by them within the terms established by the Storage Code during 2010 and 2011. As provided for under the applicable legislation, notices of VAT changes may be issued at the end of bankruptcy proceedings and unsuccessful enforcement proceedings.The following is a description of the credit recovery activities carried out against certain users of the transportation and balancing system and the storage system.27.3.1 Recovering receivables from certain users of the transportation and balancing system The balancing service ensures that the network is safe and that costs are correctly allocated between the market operators. Balancing has both a physical and a commercial purpose. The physical balancing of the system consists of the set of operations through which the Dispatching department of Snam Rete Gas controls flow parameters (capacity and pressure) in real time in order to ensure that gas can move safely and efficiently from injection points to withdrawal points at all times. Commercial balancing consists of the activities required to correctly schedule, account for and allocate the transported gas, as well as the fee system that encourages users to maintain a balance between the volumes they inject into and withdraw from the network. Pursuant to the balancing regime, which was introduced by Resolution ARG/gas 45/11 and came into effect on 1 December 2011, in its role as Balancing Supervisor, Snam Rete Gas must ensure that it procures the quantities of gas required to balance the system and offered on the market by users through a dedicated platform of the Gestore dei Mercati Energetici (GME), and, accordingly, it must financially settle the imbalances of individual users by buying and selling gas on the basis of a benchmark unit price (the \u201cprinciple of economic merit\u201d). The Company must also ensure that it recovers sums owed for the settlement of imbalances from any defaulting users. Unpaid receivables relating to the period from 1 December 2011 to 23 October 2012The initial regulation laid down by the Authority with Resolution ARG/gas 155/11 stated that Users had to provide specific guarantees to cover their exposure and, where Snam Rete Gas had performed its duties diligently and had not been able to recover the costs related to provision of the service, these costs would have been recovered through a special fee determined by the Authority.36With a subsequent resolution 351/2012/R/ gas, the Authority provided for the application of the CVBL variable unit fee to cover uncollected receivables, arranging for the charges to be recovered to be spread over a minimum of 36 months with a maximum monthly amount of 6 million euros.The Authority subsequently launched a fact-finding investigation into the way in which the balancing service was provided for 37the period between 1 December 2011 and 23 October 2012. The investigation was closed by Resolution 144/2013/E/gas of 5 April 2013. On the same date, the Authority: (i) opened proceedings to determine the share of costs arising from uncollected receivables owing to the gas balancing supervisor for the period 1 December 2011 - 23 October 2012; and (ii) opened six proceedings aimed at establishing whether there have been violations regarding the natural gas balancing service. With regard to the preliminary investigation discussed in point (i) above, the proceedings were closed by means of Resolution 608/2015/R/gas, with which the Authority decided not to pay a share of the uncollected receivables in relation to specific cases analysed in the preliminary investigation, in any case subject to Snam Rete Gas\u2019s right to withhold the receivables relating to the income statement entries on balancing, possibly already recuperated. The Company appealed Resolution 608/2015/R/gas, before the Regional Administrative Court of Milan, which partially admitted the appeal submitted by the Company with ruling 942/2017; this was in turn partially appealed by the Company and the Authority. The judgement was then confirmed by Council of State judgement no. 1630/2020.During the above-mentioned investigation period, Snam Rete Gas, having terminated the transportation contracts of the six users involved in the aforementioned proceedings since they either defaulted on payments or failed to comply with the balancing obligations set forth in the industry regulations and the Network Code, initiated steps to recover the receivables relating to balancing and transport items.The competent legal authorities have issued eleven provisionally enforceable injunction orders, six of which relate to receivables 38related to the balancing service and five to receivables for the transportation service, for which Snam Rete Gas has initiated enforcement procedures that have led to the recovery of negligible amounts with respect to the overall debt position of the Users, also in consideration of the bankruptcy procedures initiated in the meantime by all the users in question.36 The aforementioned resolution was annulled pursuant to the ruling 1587/2014 of the Regional Administrative Court of Milan insofar as the obligation of Users to pay the CVBL consideration of 0.001 \u20ac/Scm with effect from 1 October 2012. Moreover, with the subsequent Resolution 372/2014/R/gas the coefficient was redefined at the same amount of 0.001 \u20ac/Scm.37 The time period set for the preliminary investigation which was initially limited to 1 December 2011 - 31 May 2012, was subsequently extended to 23 October 2012.38 The users in question have appealed against some of these injunctions. Specifically, as well as requesting the suspension of the provisional enforceability and the revocation and/or declaration as null and void of the injunctions themselves, three users have submitted counterclaims requesting that Snam Rete Gas be ordered to compensate them for alleged damage suffered. The oppositions were declared null and void, with the resulting lapse of the demand and the passage into judgement of the injunction decrees.In particular, at present:\u2022 five Users were declared bankrupt. With regard to all five Users, Snam Rete Gas obtained measures for admission to the list of creditors for the receivable owed, plus interest. As part of these proceedings, a proposal for arrangement with creditors was submitted and approved by the majority of the creditors; the bankruptcy proceedings, following the final distribution, were closed. A second procedure was also closed after approval and execution of the final distribution; \u2022 a User applied for admission to the arrangement procedure and the Judicial Authority issued the approval 39of the arrangement. Unpaid receivables after 23 October 2012In 2013, two further transportation contracts were terminated and Snam Rete Gas initiated injunction proceedings.It obtained three payment orders, of which two for receivables relating to the balancing service and one for the transportation service. Both Users appealed, with the relative rulings rejecting the claims and consolidating the securities acquired by Snam Rete Gas. The executive procedures that were initiated resulted in a negligible recovery of amounts when compared to the overall amounts due from the Users which were then declared bankrupt. Snam Rete Gas regularly submitted its claims in the respective arrangements with creditors. The insolvency proceedings both ended with the recovery of minimal amounts with respect to the bankrupt company's overall debt.In 2014, a further transport contract was terminated and Snam Rete Gas initiated provisional executive procedures for recovery of the receivables, one relating to balancing services and the other to transportation services. The User was declared bankrupt and Snam Rete Gas was admitted to the current list of creditors for the entire debt due, plus interest. Finally, in 2015 a further transportation contract was terminated and Snam Rete Gas initiated debt recovery measures, securing two provisional executive injunctions against the User, one for the balancing service and the other for the transport service. The User was subsequently declared bankrupt and Snam Rete Gas has regularly submitted its claims for the arrangements with creditors. Given the insolvency of the bankrupt, the bankruptcy proceedings ended without recovery of any sums. Snam Rete Gas, as stated in the provisional executive injunctions issued by the Court, has engaged in proper conduct and complied with the provisions of the transportation contract, the Network Code and, more generally, the applicable legislation.39 In respect of the approval provision, a claim was brought before the Court of Appeal of Turin, and \u2013 in respect to the confirmation procedure adopted by the same Court \u2013 the appeal was brought before the Court of Cassation, which subsequently rejected the appeal.Lastly, we note that on 12 February 2016 the Public Prosecutor at the Court of Milan ordered the urgent preventive seizure of the moveable and fixed assets belonging to companies and attributable in various guises to the above-mentioned five Users. In May 2017, the investigation was concluded and the investigated parties were charged with the being involved in a criminal association and committing aggravated fraud against Snam Rete Gas. At the preliminary hearing set for 19 December 2018, the Judge accepted Snam Rete Gas joining the proceedings as a civil party. The Court granted the pre-trial requests and declared the trial open. Following the conclusion of the preliminary hearing, the Court on 15 February 2023 recognized the criminal liability of the defendants, condemning them, inter alia, to pay compensation for damages in favor of Snam Rete Gas. We are awaiting the filing of the reasons for the sentence, which is set within 90 days. These criminal proceedings resulted in the formal complaint report (and subsequent supplementary reports) filed by Snam Rete Gas, as offended party, in October 2012 for the crimes of falsehood and aggravated fraud. 27.3.2 Recovering receivables from users of the storage system Withdrawals made from strategic storage by three users, invoiced by Stogit and not replenished by the user under the terms specified by the Storage CodeFollowing withdrawals from strategic storage made by a User in November and December 2010, Stogit asked for and obtained an injunction with regard to the sums due that the user failed to pay.The provisional enforceability was confirmed during the opposition launched by the opposing party. The appropriate executive actions were launched as a result.Following the withdrawals and the failure to replenish the strategic gas in the initial months of 2011 as well, Stogit requested and obtained a second provisional executive injunction for the further sums accrued.Urgent proceedings were also launched for the replenishment of all the gas unlawfully withdrawn, concluding with the conviction of the debtor, with the subsequent application for injunctive relief also being rejected. In 2012 the above user together with another two users (who also defaulted with regard to Stogit) were added to the proceedings for an arrangement with creditors, in which Stogit formally transmitted and documented the amounts of its receivables with these users.Moreover, following the sub-proceedings to dismiss the arrangement, the Court of Asti declared two of the above-mentioned users bankrupt. In both cases, Stogit promptly filed a proof of claim and its receivables were admitted in full.However, the procedure for an arrangement with creditors is continuing with regard to the third user, which was appealed by one of the creditors. The Court of Appeal of Turin issued a ruling, confirming the approval of the arrangement with creditors. Withdrawals made from strategic storage by a user, invoiced by Stogit and not replenished by the User under the terms specified by the StorageCode, ascribable to the 2010-2011 and 2011-2012thermal yearsStogit filed with the Civil Court of Milan for a payment injunction provisionally enforceable against one User pursuant to Article 186- ter.At present, following the partial restitution of gas in the wake of legal action brought, Stogit is still owed approximately 23.6 million euros SCM. Stogit has therefore taken the appropriate actions.The Court of Rome then declared the User bankrupt and Stogit submitted its claim, which was accepted. Withdrawals made from strategic storage by a User, invoiced by Stogit and not replenished by the User under the terms specified by the Storage Code, relating to October and November 2011Stogit filed with the Civil Court of Milan for a provisionally enforceable payment injunction, brought because of improper withdrawals, in respect of which Stogit still was owed approximately 56.0 million euros SCM.While the proceedings were ongoing, the Court of Rome declared the User bankrupt. Consequently, the Civil Court of Milan declared the case interrupted and Stogit submitted its claim, which was accepted, during which the final distribution of assets was made and, consequently, in 2020, the proceedings were closed, during which no amounts were paid to the Company.",
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"value": "27.4 Liquidity risk Liquidity risk is the risk that new financial resources may not be available (funding liquidity risk) or that the Company may be unable to convert assets into cash on the market (asset liquidity risk), meaning that it cannot meet its payment commitments.This may affect profit or loss should the Company be obliged to incur extra costs to meet its commitments or, in extreme cases, lead to insolvency and threaten the Company\u2019s future as a going concern.Under the financial plan, Snam\u2019s risk management system aims to establish a financial structure that, in line with the business objectives, ensures sufficient liquidity for the Group, minimising the relative opportunity cost and maintaining a balance in terms of the duration and composition of the debt.The financial market is characterised by a continuous growth of sources of financing for companies able to improve the environmental impact of their investments. The interest of the investors is linked and subordinated to the ability of the companies themselves to achieve certain objectives in terms of environmental sustainability. With a view to the correct management of liquidity risk, the diversification of funding sources also through the use of sustainable finance instruments is therefore crucial to guarantee companies wide access to financial markets at competitive costs, with consequent positive effects on the economic situation, equity and financial position of the companies themselves. Similarly, for Snam, the failure to achieve certain KPIs in the ESG area, within the general objective of the Group to make its business more sustainable in the medium-long term, could lead to higher financing costs or to the lack of access to some sources of funding.Mitigation of this risk is based on Snam's extreme attention to ESG issues, traditionally a significant and structured part of the company's strategy. Consistent with this approach, during 2018 Snam finalised the transformation of its 3.2 billion euros syndicated credit lines into sustainable loans, constituting at the time the third largest sustainable loan signed in the world and the first by a gas utility. This loan provides for bonus/ malus mechanisms based on the achievement of certain KPIs in the ESG (Environment, Social, Governance) area. In addition, Snam issued (i) in February 2019, its first 500 million euros Climate Action Bond, (ii) between 2020 and 2021 Transition Bonds for 2,350 million euros (iii) in January 2022, the inaugural dual-tranches Sustainability-linked Bond (SLB) for 1.5 billion euros, whose economic performance is linked to the achievement of certain sustainability targets, and (iv) in November 2022 the inaugural EU Taxonomy-Aligned Transition Bond for 300 million euros. These are aimed at financing investments in environmental sustainability and energy transition, while for SLB instruments the return is linked to the achievement of methane and CO emission reduction targets. It should 2be noted that the January 2022 issue was associated with a Liability Management exercise that led to the repurchase of 350 million euros of bonds to proactively manage future debt maturities and accelerate the transition from plain vanilla bonds to sustainable finance instruments. In 2022, Snam finalised with major relationship banks (i) Revolving Credit Facilities (RCF) for a total of 1.2 billion euros, of which 1.1 billion euros in KPI-linked format (ii) bank loans for 375 million euros, of which 275 million euros in Green loan and KPI-linked format and (iii) a bank loan agreement for 1.5 billion euros with a maximum term of 24 months. During 2020, Snam also renewed its Euro Commercial Paper programme, increased from 2 to 2.5 billion euros, linking it to environmental and social sustainability objectives in line with the sustainable loan and obtaining an ESG rating for the instrument equal to EE assigned by the ESG rating company Standard Ethics, confirmed in 2021 and increased to EE+ in 2022. Finally, in June 2021, Snam signed a loan agreement with the European Investment Bank (EIB) for a total of 150 million euros to support the group's energy efficiency projects in the residential and industrial sectors. Specifically, the agreement concerns initiatives totalling 200 million euros planned by the subsidiary TEP Energy Solutions, which consist mainly in the energy upgrading of residential buildings and the implementation of energy efficiency and decarbonisation measures for industrial activities, including the installation of photovoltaic panels. The loan is characterised by a framework loan structure, which can be used in several tranches within a period of three years; each tranche will have a maximum total duration of 15 years. As at 31 December 2022, this line was utilised for approximately 110 million euros. As shown in section 27.2 \u201cRisk of changes in interest rates\u201d, the Company had access to a wide range of funding sources through the credit system and the capital markets (bilateral contracts, pool financing with major domestic and international banks, loan contracts with the European Investment Bank (EIB), bond loans and Commercial Papers).Snam\u2019s objective is to maintain a debt structure that is balanced in composition between bond loans and bank credit, and the availability of usable committed bank credit lines, in line with its business profile and the regulatory environment in which Snam operates.At 31 December 2022, Snam had unused committed long-term credit lines for an amount of around 5.9 billion euros, of which (i) syndicated credit lines of 4.65 billion euros (ii) Revolving Credit Facilities (RCF) for a total of 1.2 billion euros (iii) approximately 40 million euros relating to the framework loan signed with the EIB in June 2021. At 31 December 2022, Snam has a Euro Medium Term Notes (EMTN) programme in place for a maximum total nominal value of 13 billion, used for approximately 9.5 billion euros and a Euro Commercial Paper Programme (ECP) for a maximum total nominal value of 2.5 billion euros, used at 31 December for 1,130 million euros.Snam\u2019s cash and cash equivalents mainly refer to current accounts and bank deposits readily collectable.The Group\u2019s main long-term financial payables include covenants that are typical of international practice, such as negative pledge and pari passu clauses. Failure to meet these clauses, and the occurrence of other events, for example cross-default events, may result in Snam\u2019s failure to comply and could trigger the early repayment of the relative loan, resulting in additional costs and/or liquidity issues. There are no covenants among commitments that involve compliance with ratios of an economic and/or financial nature. Among the factors that define the risk perceived by the market, creditworthiness, assigned to Snam by rating agencies, plays a decisive role because it influences their ability to access sources of financing and the related economic conditions. A worsening of this creditworthiness could therefore constitute a limitation on access to the capital market and/or an increase in the cost of sources of financing, with consequent negative effects on the Group\u2019s economic situation, equity and financial position.Snam\u2019s long term rating is: (i) Baa2 with negative outlook, confirmed on 06 September 2022 by Moody's Investor Services; (ii) BBB+ with stable outlook, confirmed on 06 February 2023 by Standard & Poor's Global Rating (\u201cS&P\u201d); (iii) BBB+ with stable outlook, confirmed on 16 February 2023 by Fitch Ratings (\u201cFitch\u201d). Snam\u2019s long-term rating by Moody\u2019s, Fitch and Standard & Poor\u2019s is a notch higher than that of Italian sovereign debt. Based on the methodology adopted by Moody's and S&P, the downgrade of one notch from the current rating of the Republic of Italy would lead to a corresponding reduction of Snam\u2019s current rating. In this regard, it should be noted that on 30 September 2022, Moody's confirmed the rating of the Italian Republic, maintaining the negative outlook, which had already been lowered on 5 August 2022; this action had caused Snam's Outlook to be revised to negative on 9 August 2022. On 26 July 2022, S&P revised the Italian Republic's Outlook from positive to stable, with corresponding action on Snam's Outlook on 29 July 2022. The next reviews of the Rating Agencies for the Italian Republic are scheduled for 21 April 2023 for S&P, 12 May 2023 for Fitch, 19 May 2023 for Moody's.The company\u2019s short-term rating, used as part of Snam\u2019s Commercial Paper programme, is P-2 for Moody\u2019s, A-2 for S&P and F2 for Fitch.Although the Snam Group has relations with diverse counterparties with a high credit standing, based on the management policy and ongoing monitoring of their credit risk, the default of a counterparty or the difficulty to liquidate assets on the market could have negative effects on Snam Group\u2019s operations, equity situation and financial position.The table below shows the repayment plan contractually established in relation to the financial payables, including interest payments and other liabilities connected to derivative instruments:Contractual cash \ue7aeowsBook value as (million euros)Total \ue7aeows 2022 2023 2024 2025 2026 Beyondat 31.12.2021Bank loans 3,695 3,695 1,297 457 719 121 120 981Bond loans (*) 9,138 9,139 1,130 879 1,191 1,339 1,250 3,350Euro Commercial Paper - ECP 2,503 2,500 2,500Financial interests 356 356 93 65 56 39 29 74Financial payables for leased assets 20 20 6 4 3 3 2 2Other lenders 2 2 2Trade payables and other payables 2,889 2,531 2,521 10TOTAL CONTRACTURAL FLOWS 18,603 18,243 7,549 1,415 1,969 1,502 1,401 4,407OF FINANCIAL LIABILITIES(*) Future payments include the cash flow generated by hedging derivative contracts.Contractual cash \ue7aeowsBook value as(million euros)Total \ue7aeows 2023 2024 2025 2026 2027 Beyondat 31.12.2022Bank loans 2,860 2,851 618 721 237 152 227 896Bond loans (*) 9,457 9,459 718 1,171 1,267 1,550 553 4,200Euro Commercial Paper - ECP 1,128 1,130 1,130Financial interests 803 803 147 132 111 96 70 247Financial payables for leased assets 33 33 7 6 5 5 2 8Other lenders 202 202 2 200Trade payables and other payables 8,129 8,129 8,129TOTAL CONTRACTURAL FLOWS 22,612 22,607 10,751 2,030 1,620 1,803 1,052 5,351OF FINANCIAL LIABILITIES(*) Future payments include the cash flow generated by hedging derivative contracts.With reference to the payment terms for trade and other payables, please see Note 23 \u201cTrade payables and other payables\u201d.",
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"value": "27.5 Fair value of financial instrumentsIt should be noted that, with the exception of the valuation of derivative agreements and minority investments, financial assets and liabilities, depending on the characteristics of the instrument and the business management adopted for their management, entirely come under the financial instruments valued through the amortised cost method. The following table shows the book value and fair value for each financial asset and liability, including the relative level of the fair value hierarchy. Information on the fair value of financial assets and liabilities not valued at fair value is excluded, when their book value represents a reasonable approximation of the fair value, such as for example cash and cash equivalents, trade receivables and other receivables as well as trade payables and other payables. The book value of financial instruments and their relative effects on results and on equity can be analysed as follows:Book value Fair Value Book value Fair Value(million euros)Balance at Balance at Level 1 Level 2 Level 3Level 1 Level 2 Level 331.12.202131.12.2022Cash and cash equivalents 1,337 1,757Trade receivables and other receivables 3,331 4,624Long- and short-term financial receivables (a) 307 324 119 114Total financial assets measured at amortised cost 4,975 324 6,500 114Minority investment accounted at FVTOCI (b) 94 59 35 52 13 39Total financial assets measured at fair value 94 59 35 52 13 39 Trade payables and other payables (2,889) (8,129) Current and non-current financial liabilities (15,358) (9,394) (6,233) (13,680) (8,089) (4,241)Total financial liabilities measured at amortised cost (18,247) (9,394) (6,233) (21,809) (8,089) (4,241)Assets (liabilies) for Derivative hedging (3) (3) 4 4instruments (c)(a) The item is classified as \"other current financial assets\" and \"other non-current financial assets\". See Note 11 \u201cOther current and non-current financial assets\u201d for further details.(b) This item includes the minority investment accounted at FVTOCI. See Note 11 \u201cOther current and non-current financial assets\u201d for further details.(c) The item is classified as other assets/liabilities. See Note 13 \u201cOther current and non-current financial assets\u201d and Note 22 \u201cOther current and non-current liabilities\u201d for further details.Below is the classification of financial assets and liabilities measured at fair value in the statement of financial position in accordance with the fair value hierarchy defined on the basis of the significance of the inputs used in the measurement process. More specifically, in accordance with the characteristics of the inputs used for measurement, the fair value hierarchy comprises the following levels:a) level 1: prices listed (and not amended) on active markets for the same financial assets or liabilities;b) level 2: measurements made on the basis of inputs differing from the listed prices referred to in the previous point, which, for the assets/liabilities submitted for measurement, are directly (prices) or indirectly (price derivatives) observable;c) level 3: inputs not based on observable market data.",
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"value": "29 OPERATING REVENUES AND INCOME(million euros) 2021 2022Revenue 3,285 3,496Other operating income 12 19TOTAL OPERATING REVENUES AND INCOME 3,297 3,515The group\u2019s other operating revenues and income are mainly generated in Italy. An analysis of revenue by business segment can be found in Note 36 - \u201cInformation by business segment\u201d.Revenue from related parties is illustrated in Note 37 \u201cTransactions with related parties\u201d. (million euros) 2021 2022Natural gas transportation segment 2,329 2,208Natural gas storage segment 523 516Regasification of Liquefied Natural Gas (LNG) segment 19 42Energy Transition Sector 370 693Other segments 30 23Other revenues not allocated to segments 14 14TOTAL REVENUES 3,285 3,49629.1.1 Revenues of the Natural Gas Transportation segmentRevenues are mainly related to fees for the service of natural gas transportation and mainly concern Eni S.p.A. (1,087 million euros; 815 million euros in 2021) and Enel Trade S.p.A. (528 million euros; 313 million euros in 2021). Group revenues are reported net of tariff components, mainly referring to the transportation segment, additional to the tariff and intended to cover gas system general expenses (2,651 million euros, 1,159 million euros in 2021), the amounts of which are paid by Snam to the Energy and Environmental Services Fund (Cassa per i Servizi Energetici e Ambientali (CSEA)). The main components relate to:\u2022 to the CRVST fee (for a total amount of 1,006 million euros in 2022; 145 million euros in 2021), introduced by Resolution No. 782/2017/R/GAS, to cover the charges arising from the new 'gas settlement' rules, to be applied to the quantities of gas redelivered to the transport service user at the redelivery points feeding the distribution networks;OS\u2022 the CRV variable fee, introduced in 2011 by Resolution ARG/gas 29/11 of the Authority, to cover the charges arising from the application of the revenue guarantee factor for the storage service and the charges incurred by the Gestore Servizi Energetici (GSE) for the provision of the measures referred to in Articles 9 and 10 of Legislative Decree no. 130/10 (totalling 962 million euros in 2022; 376 million euros in 2021). Snam provided its transportation service to 330 users in 2022. 29.1.2 Revenues of the Natural Gas Storage segmentRevenues relate essentially to fees for modulation storage (385 million euros; 409 million euros in 2021) and strategic storage (80 million euros; 79 million euros in 2021). Snam provided its natural gas storage service to 66 companies in 2022.29.1.3 Regasification of Liquefied Natural Gas (LNG)Revenues mainly refer to fees for the regasification service (42 million euros). These revenues, as at 31 December 2022, were higher than the reference revenues, which were definitively approved by the Authority in Resolution 278/2022/R/gas and, therefore, it was not necessary to make additions through the guarantee factor.Revenues relating to the transportation, storage and regasification segments include fees to cover energy costs which amount to 198 million euros (311 million euros in 2021), down mainly due to the reduction in the WACC. On the basis of the provisions of the regulatory framework in force for the fifth regulatory period, from 1 January 2020, the energy costs relating to the costs for the purchase of fuel gas, previously subject to contribution in kind by the shippers, the charges for the purchase of CO emission rights and the consumption of electricity, are covered in revenues through the 2variable fee applied to users. 29.1.4 Energy Transition revenuesRevenues related to the Energy Transition segment concern: (i) revenues relating to energy efficiency projects (578 million euros); (ii) prices for the development and management of biogas and biomethane plants (115 million euros). 29.1.5 Other segmentsRevenues mainly relate to the sale of automotive compressors - CNG (19 million euros). 29.1.6 Other revenues not allocated to segmentsRevenues essentially relate to income from the rental and maintenance of fibre optic telecommunications cables.",
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"value": "29.2 Other operating incomeOther operating income, equal to 19 million euros, mainly refers to the transportation sector (10 million euros).",
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"value": "30 OPERATING COSTS AND EXPENSES(million euros) 2021 2022Costs for purchase of raw materials, consumables and finished goods 568 655Costs for services 179 246Staff costs 216 237Other operating costs and expenses 91 159TOTAL OPERATING COSTS AND EXPENSES 1,054 1,297The reasons for the most significant changes are explained in the Report on Operations under \"Financial review \".The group\u2019s operating costs and expenses are mainly generated in Italy.The operating costs and expenses incurred with related parties are described in Note 37 \u201cTransactions with related parties\u201d.30.1 Costs for purchase of raw materials, consumables and finished goods(million euros) 2021 2022Costs for purchase of raw materials, consumables and finished goods 634 3,909Changes in inventories of raw materials, consumables and finished goods (14) (3,198)Total costs incurred during the year 620 711Share of costs capitalised for internal work (52) (56)TOTAL COSTS FOR PURCHASE OF RAW MATERIALS, CONSUMABLES AND FINISHED GOODS 568 655The item Cost for purchase of raw materials, consumables and finished goods includes gas purchases made in implementation of Resolution No. 165/2022/R/Gas (about 0.6 billion cubic metres for a total countervalue of 706 million euros) and Resolution No. 274/2022/R/Gas (about 1.4 billion cubic metres for a total countervalue of 2,348 million euros).30.2 Costs for services(million euros) 2021 2022Technical, legal, administrative and professional services 96 81IT Services (Information Technology) 91 94Ordinary maintenance services 33 37Environmental services 25 22Construction, design and works supervision 23 81Supply of electricity, heat, water, etc. 23 57Personnel-related services 19 22Telecommunication services 15 11Material processing at third parties 11 3Insurance 10 11Advertising 6 7Use of the provision for decommissioning and site restoration (21) (8)Other services 20 27Total costs incurred during the year 351 445Share of costs capitalised for internal work (172) (199)TOTAL COSTS FOR SERVICES 179 24630.3 Staff costs(million euros) 2021 2022Wages and salaries 197 208Social security contributions (pensions and healthcare assistance) 52 57Employee benefits (3) 1Other expenses 32 36Total personnel costs incurred during the year 278 302Quota of capitalised costs (62) (65)TOTAL PERSONNEL COSTS 216 237The item other expenses (36 million euros) mainly includes charges for defined-contribution plans (14 million euros), essentially relating to accrued severance indemnities, to be paid to pension funds, or to INPS, and the indemnity termination granted to the outgoing Chief Executive Officer, following the termination of the relationship as Chief Executive Officer and General Manager of Snam S.p.A. (6 million euros). A description of employee benefits can be found in Note 21 \u201cLiabilities for employee benefits\u201d.30.3.1 Average number of employeesThe average number of payroll employees included in the scope of consolidation, broken down by status, is as follows:Professional status 2021 2022Senior Managers 146 145Middle Managers 585 639Office workers 1,842 1,925Manual workers 806 841AVERAGE NUMBER OF EMPLOYEES 3,379 3,550The average number of employees is calculated on the basis of the monthly number of employees for each category. The number of employees in service at 31 December 2022 was 3,610 (3,430 resources at 31 December 2021), an increase of 180 (+5.25%) over 31 December 2021. The increase was mainly due to resources from the year's acquisitions in the fields of biomethane and energy efficiency, and to new entrants from the labour market, which more than offset the outgoings of the period. 30.3.2 Incentive plans for executives with Snam shares On 11 April 2017, the Shareholders\u2019 Meeting approved the 2017-2019 long-term share-based incentive plan and, subsequently, on 18 June 2020, the same Shareholders\u2019 Meeting approved the 2020-2022 long-term share-based incentive plan, conferring to the Board of Directors, every necessary power for the implementation of the Plans. The Plans, intended for the Snam CEO and other beneficiaries, identified as those who hold positions with a greater impact on company results or with strategic importance for achieving Snam\u2019s multi-year targets, includes three cycles of the annual assignment of three-year targets (the so-called rolling plan) for the years 2017, 2018, 2019 and for the years 2020, 2021 and 2022. At the end of the three-year performance period, if the underlying conditions of the plan are met, the beneficiary shall have the right to receive Company shares free of charge. A maximum number of 3,500,000 shares will service the Plans for each three-year cycle of the Plan. The 2017-2019 Plan ended in 2022, at the expiry of the Vesting Period relating to the last allocation of 2019, while the 2020-2022 Plan will end in 2025, at the expiry of the Vesting Period relating to the last allocation of 2022.Under the 2017-2019 Plan, a total of 5,385,372 shares were granted, of which 1,368,397 shares valid for the 2017 allocation (allocated for 1,511,461 shares in July 2020, at the end of the vesting period), 2,324,413 shares valid for the 2018 allocation (allocated for 2,441,742 in July 2021, at the end of the vesting period) and 1,692,562 shares valid for the 2019 allocation. The unit fair value of the share, determined by the stock market price of the Snam share on the grant dates, is equal to 3.8548 and 3.5463 and 4.3522 euros per share for the 2017, 2018 and 2019 grants, respectively. Against the 2020-2022 Plan, valid for the years 2020 and 2021, a total of 2,523,850 shares were allocated, of which 1,277,996 shares valid for the 2020 allocation, 1,245,854 shares valid for the 2021 allocation and 1,032,626 shares valid for the year 2022. The unit fair value of the share, determined by the stock market price of the Snam share on the grant dates (so-called grant date), is equal to 4.441 and 4.559 euros per share for the year 2020, 5.104, 4.778 and 5.014 euros per share for 2021 and 4.900 and 4.146 per share for 2022.The cost for the Long-Term Share-Based Incentive Plan, measured as the staff costs component, amounts to 6 million euros (8 million euros in 2021) with an opposing entry in shareholder equity reserves. Taking into consideration the non-market conditions to which receiving the benefit is connected, the cost reflects the adjustment, throughout the vesting period, of the number of shares that will effectively be granted. For more information on the features of the Plan, see \u201cFinancial review and Other Information\u201d in the Directors\u2019 Report.30.3.3 Remuneration due to Key ManagersRemuneration paid to persons with the power and responsibility for planning, management and control of the 40Company, i.e. executive and non-executive directors, general managers and Key Managersa (so-called \"key management personnel\") in office during the year amounted (including contributions and accessory charges) to 13 million euros (9 million euros in 2021) and is composed as follows:(million euros) 2021 2022Wages and salaries 5 4Indemnities for termination of employment 7Share-based payments 4 2TOTAL REMUNERATION DUE TO KEY MANAGERS 9 1330.3.4 Remuneration of Directors and Statutory Auditors Directors\u2019 remuneration amounts to 10 million euros and 5.3 million euros in FY 2022 and 2021 respectively. Statutory auditors\u2019 fees amount to 0.2 million euros (0.2 million euros also in 2021). This remuneration includes emoluments and any other amounts relating to pay, pensions and healthcare due for the performance of duties as a director or statutory auditor in Snam S.p.A. and in other companies included in the scope of consolidation, giving rise to a cost for Snam, even if not subject to personal income taxes.40 This includes managers who have the power and the responsibility, both directly and indirectly, for the planning, direction and supervision of Snam activities. Snam\u2019s Key Managers, other than directors and statutory auditors, were identified with reference to the following positions: Chief Industrial Assets Officer, Chief Financial Officer and Executive Vice President Human Resources, Organization & PFM. 30.4 Other operating costs and expenses(million euros) 2021 2022CO emission rights 34 582Indirect taxes and duties 21 16Software licences, short-term leasing costs and leasing of moderate amount assets 16 26Capital losses from the disposal of property, plant and equipment and intangible assets 14 28Allocations (uses) to the provision for bad debt 3 9Net accrual to (utilisation of) provisions for risks and charges 2 11Other expenses 1 11TOTAL OTHER OPERATING COSTS AND EXPENSES 91 159For more details about the change in provisions for risks and charges, please see Notes 19 \u201cProvisions for risks and charges\u201d and 15 \u201cTrade receivables and other receivables\u201d. 30.4.1 Greenhouse gas emission allowance system - Emission Trading System1 January 2021 was the start of the fourth regulatory period (2021-2030) of the Emission Trading System (ETS), the greenhouse gas emission allowance system governed by Legislative Decree 47 of 09 June 2020, which abrogated Legislative Decree no. 30 of 13 March 2013 and transposed Directive 2018/410/EC.There are 23 Snam Group plants subject to Emission Trading regulations, of which 13 Snam Rete Gas compression power plants, 8 Stogit storage plants, the LNG Italia regasification terminal and from 2022 also 1 Renovit cogeneration plant (TEP). In 2022, the free allocation for the Snam Group was 154,657 allowances, an increase of 9.8 % compared to 2021, due to the new rules introduced by the aforementioned legislation for the fourth ETS period. In FY 2022, dioxide carbon emissions of Snam Group facilities covered by the ETS were overall greater than the emission allowances allocated. Compared to approximately 0.93 million tonnes of carbon dioxide emitted into the atmosphere, a deficit has therefore been recorded of approximately 0.77 million tonnes. The deficit was offset by the quotas purchased by the various companies, with an approximately cost of 57.4 million euros recognised in \u201cOther operating costs and expenses\u201d. There are no costs for Renovit (TEP), because the purchase of CO quotas is borne by the company to which the 2plant supplies energy net of the quotas in the hands of Renovit (TEP) for feeding electricity into the grid. These amounted to about 4,300 units, with a countervalue of about 0.3 million euros.The increase in purchased CO allowances is due to the increase in emissions resulting from the increase in gas 2consumption due to the increase in regasified, stored gas and to transport more natural gas from the South to the North of Italy.The increase in the number of CO allowances purchased and the increase in purchase prices led to higher costs than in the 2previous year.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s8_notes__5__90": {
"value": "30.3.1 Average number of employeesThe average number of payroll employees included in the scope of consolidation, broken down by status, is as follows:Professional status 2021 2022Senior Managers 146 145Middle Managers 585 639Office workers 1,842 1,925Manual workers 806 841AVERAGE NUMBER OF EMPLOYEES 3,379 3,550The average number of employees is calculated on the basis of the monthly number of employees for each category. The number of employees in service at 31 December 2022 was 3,610 (3,430 resources at 31 December 2021), an increase of 180 (+5.25%) over 31 December 2021. The increase was mainly due to resources from the year's acquisitions in the fields of biomethane and energy efficiency, and to new entrants from the labour market, which more than offset the outgoings of the period.",
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"s8_notes__5__91": {
"value": "30.3.2 Incentive plans for executives with Snam shares On 11 April 2017, the Shareholders\u2019 Meeting approved the 2017-2019 long-term share-based incentive plan and, subsequently, on 18 June 2020, the same Shareholders\u2019 Meeting approved the 2020-2022 long-term share-based incentive plan, conferring to the Board of Directors, every necessary power for the implementation of the Plans. The Plans, intended for the Snam CEO and other beneficiaries, identified as those who hold positions with a greater impact on company results or with strategic importance for achieving Snam\u2019s multi-year targets, includes three cycles of the annual assignment of three-year targets (the so-called rolling plan) for the years 2017, 2018, 2019 and for the years 2020, 2021 and 2022. At the end of the three-year performance period, if the underlying conditions of the plan are met, the beneficiary shall have the right to receive Company shares free of charge. A maximum number of 3,500,000 shares will service the Plans for each three-year cycle of the Plan. The 2017-2019 Plan ended in 2022, at the expiry of the Vesting Period relating to the last allocation of 2019, while the 2020-2022 Plan will end in 2025, at the expiry of the Vesting Period relating to the last allocation of 2022.Under the 2017-2019 Plan, a total of 5,385,372 shares were granted, of which 1,368,397 shares valid for the 2017 allocation (allocated for 1,511,461 shares in July 2020, at the end of the vesting period), 2,324,413 shares valid for the 2018 allocation (allocated for 2,441,742 in July 2021, at the end of the vesting period) and 1,692,562 shares valid for the 2019 allocation. The unit fair value of the share, determined by the stock market price of the Snam share on the grant dates, is equal to 3.8548 and 3.5463 and 4.3522 euros per share for the 2017, 2018 and 2019 grants, respectively. Against the 2020-2022 Plan, valid for the years 2020 and 2021, a total of 2,523,850 shares were allocated, of which 1,277,996 shares valid for the 2020 allocation, 1,245,854 shares valid for the 2021 allocation and 1,032,626 shares valid for the year 2022. The unit fair value of the share, determined by the stock market price of the Snam share on the grant dates (so-called grant date), is equal to 4.441 and 4.559 euros per share for the year 2020, 5.104, 4.778 and 5.014 euros per share for 2021 and 4.900 and 4.146 per share for 2022.The cost for the Long-Term Share-Based Incentive Plan, measured as the staff costs component, amounts to 6 million euros (8 million euros in 2021) with an opposing entry in shareholder equity reserves. Taking into consideration the non-market conditions to which receiving the benefit is connected, the cost reflects the adjustment, throughout the vesting period, of the number of shares that will effectively be granted. For more information on the features of the Plan, see \u201cFinancial review and Other Information\u201d in the Directors\u2019 Report.",
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"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s8_notes__5__92": {
"value": "30.3.3 Remuneration due to Key ManagersRemuneration paid to persons with the power and responsibility for planning, management and control of the 40Company, i.e. executive and non-executive directors, general managers and Key Managersa (so-called \"key management personnel\") in office during the year amounted (including contributions and accessory charges) to 13 million euros (9 million euros in 2021) and is composed as follows:(million euros) 2021 2022Wages and salaries 5 4Indemnities for termination of employment 7Share-based payments 4 2TOTAL REMUNERATION DUE TO KEY MANAGERS 9 13",
"dimensions": {
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"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__93": {
"value": "30.3.4 Remuneration of Directors and Statutory Auditors Directors\u2019 remuneration amounts to 10 million euros and 5.3 million euros in FY 2022 and 2021 respectively. Statutory auditors\u2019 fees amount to 0.2 million euros (0.2 million euros also in 2021). This remuneration includes emoluments and any other amounts relating to pay, pensions and healthcare due for the performance of duties as a director or statutory auditor in Snam S.p.A. and in other companies included in the scope of consolidation, giving rise to a cost for Snam, even if not subject to personal income taxes.40 This includes managers who have the power and the responsibility, both directly and indirectly, for the planning, direction and supervision of Snam activities. Snam\u2019s Key Managers, other than directors and statutory auditors, were identified with reference to the following positions: Chief Industrial Assets Officer, Chief Financial Officer and Executive Vice President Human Resources, Organization & PFM. 30.4 Other operating costs and expenses(million euros) 2021 2022CO emission rights 34 582Indirect taxes and duties 21 16Software licences, short-term leasing costs and leasing of moderate amount assets 16 26Capital losses from the disposal of property, plant and equipment and intangible assets 14 28Allocations (uses) to the provision for bad debt 3 9Net accrual to (utilisation of) provisions for risks and charges 2 11Other expenses 1 11TOTAL OTHER OPERATING COSTS AND EXPENSES 91 159For more details about the change in provisions for risks and charges, please see Notes 19 \u201cProvisions for risks and charges\u201d and 15 \u201cTrade receivables and other receivables\u201d. 30.4.1 Greenhouse gas emission allowance system - Emission Trading System1 January 2021 was the start of the fourth regulatory period (2021-2030) of the Emission Trading System (ETS), the greenhouse gas emission allowance system governed by Legislative Decree 47 of 09 June 2020, which abrogated Legislative Decree no. 30 of 13 March 2013 and transposed Directive 2018/410/EC.There are 23 Snam Group plants subject to Emission Trading regulations, of which 13 Snam Rete Gas compression power plants, 8 Stogit storage plants, the LNG Italia regasification terminal and from 2022 also 1 Renovit cogeneration plant (TEP). In 2022, the free allocation for the Snam Group was 154,657 allowances, an increase of 9.8 % compared to 2021, due to the new rules introduced by the aforementioned legislation for the fourth ETS period. In FY 2022, dioxide carbon emissions of Snam Group facilities covered by the ETS were overall greater than the emission allowances allocated. Compared to approximately 0.93 million tonnes of carbon dioxide emitted into the atmosphere, a deficit has therefore been recorded of approximately 0.77 million tonnes. The deficit was offset by the quotas purchased by the various companies, with an approximately cost of 57.4 million euros recognised in \u201cOther operating costs and expenses\u201d. There are no costs for Renovit (TEP), because the purchase of CO quotas is borne by the company to which the 2plant supplies energy net of the quotas in the hands of Renovit (TEP) for feeding electricity into the grid. These amounted to about 4,300 units, with a countervalue of about 0.3 million euros.The increase in purchased CO allowances is due to the increase in emissions resulting from the increase in gas 2consumption due to the increase in regasified, stored gas and to transport more natural gas from the South to the North of Italy.The increase in the number of CO allowances purchased and the increase in purchase prices led to higher costs than in the 2previous year.",
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"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s8_notes__5__94": {
"value": "31 DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES ON PROPERTY, PLANT, EQUIPMENT AND INTANGIBLE ASSETS(million euros) 2021 2022Depreciation of property, plant and equipment 709 747Amortisation of intangible assets 100 120Total amortisation/depreciation 809 867Impairment losses on property, plant and equipment and intangible assets 11 23Total impairment losses 11 23TOTAL DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES 820 890For more details about amortisation, depreciation and impairment losses, please see Note 8 \u201cProperty, plant and equipment\u201d, and Note 9 \u201cIntangible assets and goodwill\u201d.An analysis of amortisation, depreciation and impairment losses by business segment can be found in Note 35 \u201cInformation by business segment\u201d.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s8_notes__5__95": {
"value": "32 NET FINANCIAL EXPENSE(million euros) 2021 2022- Interest income and other financial income on short-term financial assets (15) (3)- Interest income on long-term financial receivables (14) (9)- Other financial income (3) (25)TOTAL FINANCIAL INCOME (32) (37)- Interest expense and other financial expenses on bond loans 127 148- Fees on loans and bank credit lines 12 10- Interest expense on credit facilities and loans due to banks and other lenders 7 17Charges related to gross financial debt 146 175- Accretion discount (*) 5 12- Other financial expense 3 15Total financial expenses incurred during the year 154 202- Share of capitalised financial expenses (20) (25)TOTAL FINANCIAL EXPENSES 134 177TOTAL NET FINANCIAL EXPENSES 102 140(*) The item reflects the increase in the provisions for risks and charges and the liabilities for employee benefits, which are shown at their present value in Note 19 \u201cProvisions for risks and charges\u201d and Note 21 \u201cLiabilities for employee benefits\u201d.Interest income on long-term financial receivables is mainly related to the pro-rata contribution from the OLT Shareholder Loan (9 million euros). Other financial income (25 million euros) mainly refers to interest on late payments invoiced to end customers and distribution users in relation to unpaid invoices for the default service provided by Snam Rete Gas (13 million euros) and to the effects of the restatement of future cash flows related to the partial repayment of the Shareholders Loan by OLT (8 million euros).Expense related to gross financial debt (175 million euros) include the following: (i) interest expense and other charges on bonds (Euro 148 million), related to interest on 20 bond issues; (ii) interest paid to banks on revolving credit lines and maturing loans for a total of 17 million euros; (iii) the portion attributable to the year of Up-Front Fee commissions on revolving credit facilities (5 million euros) and commissions on non-utilisation of credit facilities (5 million euros).Other expenses mainly refer to the provision for bad debt for default interest related to the default service of Snam Rete Gas (8 million euros) and exchange rate differences (3 million euros).Financial expenses related to the passage of time mainly relate to the provisions for decommissioning and site restoration of the storage and transportation segments.Financial expense capitalised related to the portion of financial expense capitalised pursuant to investment activities.",
"dimensions": {
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"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"s8_notes__5__97": {
"value": "34 INCOME TAXES34.1 Income taxes in the income statement2021 2022(million euros)IRES IRAP Total IRES IRAP TotalCurrent taxes for the year 416 63 479 344 63 407Adjustments for current taxes relating to previous years (4) (4) 1 1Tax credits (1) (1) 8 8Total current taxes 411 63 474 353 63 416Total deferred taxes (360) 1 (359) (37) (1) (38)TOTAL INCOME TAXES 51 64 115 316 62 378Income taxes (378 million euros) increased by 263 million euros compared to 31 December 2021, mainly due to the effects of the tax realignment pursuant to Decree-Law 104 of 14 August 2020, which had a significant impact on the total deferred taxes at 31 December 2021. The reconciliation of the theoretical tax charge (calculated by applying the corporation tax (IRES) and regional production tax (IRAP) rates in force in Italy) with the actual tax charge for the year can be broken down as follows:2021 2022(million euros)Tax rate Balance Tax rate BalanceProfit before taxes 1,615 1,050 IRES taxes for the period calculated on the basis of the theoretical tax rate 24.0% 388 24.0% 252 Variations from the theoretical rate:- Net Income from equity investments (3.8%) (61) (1.4%) (15)- Dividend tax 1.0% 16 1.5% 16- Accrual (use) deferred tax provision 0.8% 8- Other permanent differences) (18.1%) (292) 5.2% 55IRES TAXES FOR THE YEAR 3.1% 51 29.3% 316 2021 2022(million euros)Tax rate Balance Tax rate BalanceDifference between value and cost of production 1,449 1,351 Irap taxes for the period calculated on the basis of the theoretical tax rate 3.9% 57 3.9% 53 Variations from the theoretical rate:Delta regional IRAP rates 0.2% 3 0.2% 3Other permanent differences 0.3% 4 0.4% 6IRAP TAXES FOR THE YEAR 4.4% 64 4.5% 62 An analysis of deferred and prepaid taxes based on the nature of the significant temporary differences that generated them can be found in Note 20 \u201cDeferred tax liabilities/assets\u201d.34.2 Taxes related to components of the comprehensive income statement2021 2022(million euros)Pre-tax Fiscal Net tax Pre-tax Fiscal Net tax valueimpactvaluevalueimpactvalueReassessment of liabilities for defined benefits plans (3) 1 (2) 8 (1) 7for employeesEquity investments accounted for using the equity method - share of other components 59 59 130 130in the comprehensive income statementEquity investments accounted for at FVTOCI (\u201cfair value through other components (16) (16) (44) (44)in the comprehensive income statement\u201d)Cash flow hedge \u2013 effective portion of fair value change 17 (4) 13 19 (4) 15Other components in the comprehensive income statement 57 (3) 54 113 (5) 108CURRENT AND DEFERRED INCOME TAXES RECOGNISED (3) (3) (5) (5)IN OTHER COMPREHENSIVE INCOME",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s8_notes__5__98": {
"value": "35 EARNINGS PER SHAREBasic earnings per share, at 0.201 euros per share (0.457 euros per share in 2021), are calculated by dividing the profit for the year pertaining to the shareholders of the parent company Snam (671 million euros; 1,499 million euros in 2021) by the weighted average number of Snam shares outstanding during the year, excluding treasury shares (3,336,596,674 shares; 3,270,833,636 shares in 2021). Diluted earnings per share is calculated by dividing the profit for the year attributable to shareholders of the parent company Snam, net of the tax effect, by the weighted average number of shares outstanding in the period, excluding treasury shares, and those potentially deriving from the long-term share incentive plans (2019, 2020 and 2021 grants). The weighted average number of outstanding shares used to calculate diluted earnings per share is 3,339,548,370 and 3,357,002,275 shares for 2022 and 2021, respectively. 35.1 Reconciliation of basic and diluted earnings per shareThe reconciliation of the weighted average number of outstanding shares used to determine basic and diluted earnings per share is set out below:2021 2022Weighted average number of outstanding shares used to calculate basic earnings per share 3,270,833,636 3,336,596,674Number of potential shares for long-term incentive plans 3,363,965 2,951,696 Number of potential shares for the convertible bond loans issue 82,804,674Weighted average number of outstanding shares used to calculate diluted earnings per share 3,357,002,275 3,339,548,370Group profit for the year (million euros) 1,496 671Dilution effect of the convertible bond loan 3Diluted profit for the year due to Snam\u2019s shareholders (million euros) (a) 1,499 671BASIC EARNINGS PER SHARE (AMOUNTS IN EUROS PER SHARE) 0.457 0.201DILUTED EARNINGS PER SHARE (AMOUNTS IN EUROS PER SHARE) 0.447 0.201",
"dimensions": {
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"language": "en",
"entity": "scheme:8156002278562044AF79",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s8_notes__5__99": {
"value": "36 INFORMATION BY BUSINESS SEGMENTConsistent with the 2022-2026 Strategic Plan, announced to the market last January, and in accordance with IFRS 8 'Operating Segments', the segments identified by the Group as at 31 December 2022 are as follows: \u2022 Transportation segment, attributable to the legal entities that carry out, at Group level, the transportation and dispatching of natural gas in Italy (Snam Rete Gas, ITG and Enura);\u2022 Storage segment, attributable to the legal entity that provides natural gas storage services in Italy (Stogit);41\u2022 Regasification segment, attributable to the legal entity providing the liquefied natural gas regasification service (LNG Italia) and the legal entities owning floating regasification plants - FSRUs (Snam FSRU Italia, Golar LNG NB13 Corporation; Ravenna LNG Terminal);\u2022 Energy Transition segment including companies active in the energy efficiency business attributable to the legal entities of the Renovit Group, and in the biogas/biomethane business attributable to the legal entities of the Bioenerys Group, as well as the start-up activities in the hydrogen field. This last segment, due to exceeding the materiality thresholds of IFRS 8, also confirmed in the Plan period, from 2022 constitutes an operating segment subject to separate reporting. The 'Other segments', not subject to separate reporting, mainly include the sustainable mobility business, an activity that is being repositioned within the Gas Infrastructures business insofar as it is no longer focused solely on the automotive sector, but is oriented towards the construction of mid-stream infrastructures dedicated to heavy transport, shipping and railways. Other unallocated amounts essentially relate to head office activities of Snam corporate and insurance captives.In order to assess the performance of the operating segments, Snam management mainly analyses adjusted EBITDA (net of any non-recurring costs or revenues, or costs or revenues resulting from events or transactions that are not representative of normal business activity) and adjusted EBIT, for which a reconciliation with the related reported values is provided.In addition to the above measures, the Executive Board regularly analyses revenues and investments for each business.In order to allow for a better reconciliation with what is represented for management purposes, the representation of revenues has been modified, distinguishing \u201cRegulated revenues\u201d, relating to services subject to regulation by the ARERA authority, from \u201cOther revenues\u201d and \u201cOther income\u201d not subject to such regulation, instead of the distinction between \u201cRevenues from ordinary operations\u201d and \u201cOther revenues and income\u201d. 41 Segment reported separately as a business subject to specific regulation, even if the materiality thresholds of IFRS 8 are not exceeded. Reporting segmentsReconcil-Amounts iation of (million euros)Trans-Regasi-Energy not adjusted Storage Other portation \ue7accation Transition allocated values Totalsegment segmentssegmentsegmentsegmentto seg-with mentsreported valuesFY 2021Regulated revenues 2,327 523 19 2,869Other non-regulated revenues 38 1 370 34 14 457to deduct: inter-sector revenues (36) (1) (4) (41)Total revenues from third parties 2,329 523 19 370 30 14 3,285Other operating income 14 6 1 2 23to be deducted: other inter-segment (6) (4) (1) (11)operating incomeTotal revenues and other operating 2,337 525 19 370 30 16 3,297income from third partiesEBITDA 1,804 455 8 9 (8) (18) (7) 2,243Depreciation, amortisation and impairment losses on property, plant, (669) (117) (8) (15) (2) (9) (820)equipment and intangible assetsEBIT 1,135 338 (6) (10) (27) (7) 1,423Investments in Property, plant 1,004 160 33 53 16 10 1,276and equipment and intangible assetsto deduct: Investments in Property, plant and equipment and intangible (6) (6)assets infra-sectorInvestments in Property, plant 1,004 160 33 47 16 10 1,270and equipment and intangible assetsFY 2022Regulated revenues 2,162 515 42 2,719Other non-regulated revenues 94 3 693 27 14 831to deduct: inter-sector revenues (48) (2) (4) (54)Total revenues from third parties 2,208 516 42 693 23 14 3,496Other operating income 14 5 4 2 3 28to be deducted: other inter-segment (4) (5) (9)operating incomeTotal revenues and other operating 2,218 516 46 695 23 17 3,515income from third partiesEBITDA 1,795 425 29 24 (19) (17) (19) 2,218Depreciation, amortisation and impairment losses on property, (703) (120) (11) (28) (2) (9) (17) (890)plant, equipment and intangible assetsEBIT 1,092 305 18 (4) (21) (26) (36) 1,328Investments in Property, plant 1,007 172 55 98 15 8 1,355and equipment and intangible assetsto deduct: Investments in Property, plant and equipment and intangible (4) (4)assets infra-sectorInvestments in Property, plant 1,007 172 55 94 15 8 1,351and equipment and intangible assets",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s8_notes__5__100": {
"value": "37 TRANSACTIONS WITH RELATED PARTIESFrom 1 August 2019, CDP S.p.A. reclassified its equity investment in Snam, already classified as de facto control pursuant to international accounting standard IFRS 10 \u2013 Consolidated financial statements from 2014, as de facto control pursuant to Article 2359, paragraph 1 of the Italian Civil Code and Article 93 of the TUF.Given the existence of de facto control by CDP S.p.A. over Snam S.p.A., Snam related parties, based on the current group ownership structure, are represented not only by Snam subsidiaries, associates and joint ventures, but also by the parent company CDP S.p.A. and its subsidiaries, including joint ventures, and associates, as well as by the subsidiaries, including joint ventures, and associates of the Ministry for the Economy and Finance (MEF) and in any case any other related parties in accordance with IAS 24, as in force over time. Members of the Board of Directors, Statutory Auditors and Key Managers, and their relatives and entities they control, including jointly with Snam, CDP and CDP Reti, are also regarded as related parties.As explained in detail below, related-party transactions mainly concern the exchange of goods and the provision of regulated services in the gas sector. Transactions between Snam and related parties are part of ordinary business operations and are generally settled under market conditions, i.e. the conditions that would be applied between two independent parties. All the transactions carried out were in the interest of the companies of the Snam Group.Pursuant to the provisions of the relevant legislation, the Company has adopted internal guidelines to ensure that transactions carried out by Snam or its subsidiaries with related parties are transparent and correct in their substance and procedure. Directors and statutory auditors declare potential interests that they have in relation to the Company and the Group every six months, and/or when changes in said interests occur; they also inform the Chief Executive Officer (or the Chair, in the case of the Chief Executive Officer\u2019s interests), who in turn informs the other directors and the Board of Statutory Auditors, of individual transactions that the Company intends to carry out and in which they have an interest.Snam is not subject to any direction or coordination activities. Snam performs management and coordination activities, pursuant to Article 2497 et seq. of the Italian Civil Code, with respect to the directly and indirectly controlled companies falling within the scope of consolidation, with the exception of Golar LNG NB 13 Corporation. In the context of transactions with related parties, pursuant to the disclosure obligations established by Consob Regulation no. 17221 of 12 March 2010, relating related parties which fall under the \"Exclusion cases\" pursuant to art. 13, paragraph 3, letter c) of the RPT Regulation and paragraph 3.2, point 8), of the RPT Guidelines, we report the following transactions:\u2022 the stipulation between Snam Rete Gas and Eni of the natural gas transport contract for the Thermal Year 2021-2022, which on 6 July 2022 exceeded the materiality threshold of 2.5%, to be applied in relation to the indices indicated in the Snam OPC Guideline;\u2022 on 28 December, Consob was notified of the transaction between related parties concerning a loan to Snam of a Revolving Credit Facility (RCF) of up to 1.8 billion euros (the \"Loan\") to be granted by a pool of banks (\"the Banks\") and to be utilised by Snam directly and/or through Snam Rete Gas S.p.A. and Stogit S.p.A. through the granting to the latter of one or more intercompany loans, backed by the SupportItalia guarantee (the \"Guarantee\") issued by SACE S.p.A. in favour of the Banks pursuant to Decree-Law No. 50/2022 (\"Decree\"), converted into law on 15 July 2022 by Law No. 91, as amended and supplemented. The Guarantee covers 80% of the amount of the Financing. The effectiveness of the Guarantee - pursuant to Article 15(9) of the Decree - is subject to the issuance of an ad hoc decree of the Ministry of Economy and Finance, in agreement with the Minister of Economic Development, adopted on the basis of the preliminary investigation submitted by SACE. Upon the issuance of the above-mentioned ministerial decree, Snam will be able to enter into long form financial documentation with the Banks, and Snam will subsequently be able to make the funding deriving from the Loan available to the Subsidiaries through intercompany loans, as provided for in the Decree, the Operating Manual and the General Conditions.The above transactions were processed pursuant to the \"Guideline on transactions involving the interests of the directors and statutory auditors and transactions with related parties\" adopted pursuant to Consob Regulation of 2010, Art. 4, which incorporates the amendments made by Consob with Resolution No. 21624/2020, and most recently amended effective September 14 2022. In accordance with the provisions of the 2010 Consob Regulation, transactions of greater importance are identified as those in which at least one of the relevance indexes required by Consob, applicable depending on the specific transaction of greater importance, is greater than the 5% threshold for related-party transactions in general and 2.5% for transactions carried out with any listed parent company - if any - or with parties related to it that are themselves related to the Company. The amounts involved in commercial, financial and other transactions with the above-mentioned related parties are shown below for the current year and the previous one for comparison purposes. The nature of the most significant transactions is also stated.37.1 Commercial and other transactionsCommercial and other transactions can be broken down as follows:31.12.2021 2021Revenues (b) Costs (a)Other Other (million euros)ReceivablesPayablesassetsliabilitiesGoods Services Other Goods Services Other- Snam Middle East BV 4 - Snam International (UK) Ltd 2 - Snam North America LLC 1 - Snam Gas & Energy Servicies 1 2 Total subsidiaries valued at equity 1 7 2 - Senfluga 1 1- TAG GmbH 1 1 2- Ter\u00e9ga S.A.S. 1- Trans Adriatic Pipeline AG (TAP) 2 5Total companies under joint control 5 1 8and associatesSnam Foundation 1 1 1- Cassa Depositi e Prestiti 111Total parent company 111- Italgas Group 1 1 1 1 2- Sace Group 3Total companies controlled by the parent company 1 3 1 1 1 2Cassa Depositi e Prestiti- Saipem Group 23 34- Valvitalia Finanziaria S.p.A. 1 4 2Total companies jointly controlled by the parent company 24 4 36Cassa Depositi e Prestiti- Gestore dei mercati energetici S.p.A. 101 205 1- Anas group 1 1 2- Enel Group (c) 179 19 343 1- Eni Group (c) 262 68 1 849 23- Ferrovie dello Stato group 5 1Total companies owned 548 1 295 2 1,192 24or controlled by the StateTRADE BALANCES 556 1 441 1 2 1,201 1 4 63 3WITH RELATED PARTIES(a) These include costs for goods and services used for investment purposes.(b) Before tariff components that are offset in costs.(c) Including balance sheet figures relating to balancing activities.31.12.2022 2022Revenues (b) Costs (a)Other Other (million euros)ReceivablesPayablesassetsliabilitiesGoods Services Other Goods Services Other- Snam Middle East BV 4 - Snam Gas & Energy Services 1 1 2 (Beijing)Total subsidiaries valued at equity 1 4 1 2 - Desfa S.A. 1 1 1 (1)- Industrie De Nora S.p.A. 1 - Interconnector UK 1 1- Albanian Gas Services (1)- TAG GmbH 8 7 3- Ter\u00e9ga S.A. 1- Ter\u00e9ga S.A.S. 1- Trans Adriatic Pipeline AG (TAP) 3 2 1 1Total companies under joint control 14 10 2 7 (2)and associatesSnam Foundation 1 2- Cassa Depositi e Prestiti 116Total parent company 116- Italgas Group 1 1- Sace Group 2Total companies controlled by the parent company 1 2 1Cassa Depositi e Prestiti- Saipem Group 30 42- Valvitalia Finanziaria S.p.A. 1 2Total companies jointly controlled by the parent company 31 2 42Cassa Depositi e Prestiti- HRA Group - Autostrade per 2l\u2019Italia S.p.A.- Gestore dei servizi energetici S.p.A. 313 24 2 9- Anas group 3 1- Enel Group (c) 241 62 536 1 2- Eni Group (c) 420 1 278 11 1,153 158 71 1- Ferrovie dello Stato group 1- Invitalia Group 10 23Total companies owned 978 2 375 13 1,700 1 158 96 1or controlled by the StateTRADE BALANCES WITH RELATED 995 2 538 2 13 1,708 2 160 140 1PARTIES37.1.1 Companies under joint control and associatesThe most significant transactions with companies under joint control and associates mainly concern the companies TAG and TAP in relation to the sale and purchase of gas in the context of balancing activities.37.1.2 Companies under joint control of the parent company Cassa Depositi e Prestiti (Italian investment bank)The most significant transactions with companies under the joint control of Cassa Depositi e Prestiti include the purchase by Saipem of design and works supervision services for the realisation of natural gas transportation and storage infrastructures, regulated by agreements signed at normal market conditions.37.1.3 Companies owned or controlled by the Italian StateThe most significant transactions with companies controlled or owned by the State involve:\u2022 the provision to the Eni Group and the Enel Group of natural gas transportation, regasification and storage services, regulated by tariffs established by the Authority;\u2022 the purchase by the Eni Group of electricity used for carrying out activities. 37.1.4 Parent companyThe most significant transactions with the parent company Cassa Depositi e Prestiti include the payable for an interim dividend of 116 million euros, approved on 9 November 2022 by the Board of Directors and payable from 25 January 2023, with ex-coupon date on 23 January 2023 and record date on 24 January 2023.\u2022\u2022\u2022\u2022\u2022\u2022\u2022\u2022\u2022\u2022\u2022\u2022\u2022\u202237.2 Financial transactions31.12.2021 2021(million euros)Guarantees Receivables Payablesand Incomecommitments- Trans Adriatic Pipeline AG (TAP) 1,129 - East Mediterranean Gas Company 8- EBS Societ\u00e0 agricola a R.L. 5- OLT Offshore Toscana 286 14Total companies under joint control and associates 299 1,129 14- Arbolia S.p.A. Benefit Company 1 Total non-consolidated subsidiaries 1BALANCES OF FINANCIAL TRANSACTIONS 299 1 1,129 14WITH RELATED PARTIES31.12.2022 2022(million euros)Guarantees Receivables Payablesand Costs Incomecommitments- Trans Adriatic Pipeline AG (TAP) 1,129 - Trans Austria Gasleitung GmbH 89 - East Mediterranean Gas Company 6- OLT Offshore Toscana 102 17- Societ\u00e0 Agricola ASSORO BIOMETANO S.r.l. 12 Total companies under joint control and associates 108 1,230 17- Arbolia S.p.A. Benefit Company 1Total non-consolidated subsidiaries 1CDP Corporate Partners 8 Total companies controlled by parent company 8Cassa Depositi e Prestiti- Cassa Depositi E Prestiti Group 1 200 1Total parent company 1 200 1BALANCES OF FINANCIAL TRANSACTIONS 109 201 1,238 1 17WITH RELATED PARTIES37.2.1 Companies under joint control and associatesFinancial transactions with companies under joint control and associates include:\u2022 the so-called \"Debt Payment Undertaking\" guarantee in favour of TAP, i.e. a mechanism to support the repayment of TAP outstanding financial debt to be activated, unlike the guarantee on first demand, upon the occurrence of specific 42and determined conditions linked to exceptional events of an extraordinary nature;43\u2022 the guarantee provided in the interest of TAG through which Snam guarantees to cover any liquidity shortfalls should the company be unable to use the credit lines already at its disposal and/or in the process of being finalised;\u2022 the long-term financial receivable in favour of OLT and the related interest income.37.2.2 Parent companyFinancial transactions with Cassa Depositi e Prestiti relate to a loan granted by the parent company to Snam S.p.A.37.3 Impact of related-party transactions or positions on the balance sheet, income statement and statement of cash flowsThe incidence of transactions or positions with related parties on the balance sheet and income statement is shown in the following summary table:31.12.2021 31.12.2022(million euros)Related Related Total% Share Total% ShareentitiesentitiesStatement of financial positionOther current and non-current financial assets 403 299 74.2 175 109 62.3Trade receivables and other current receivables 3,331 556 16.7 4,624 995 21.5Other current and non-current assets 362 1 0.3 314 2 0.6Other current and non-current liabilities 791 1 0.1 2,370 2 0.1Current and non-current financial liabilities 15,358 1 14,030 201 1.4Trade payables and other payables 2,889 441 15.3 8,129 538 6.642 For further information, please refer to Note 26.1.1 \"Guarantee provided on behalf of the associate TAP\".43 For further information, please refer to Note 26.1.2 \"Guarantee provided on behalf of the company under joint control TAG\".The impact of related-party transactions on the income statement is summarised in the following table:2021 2022(million euros)Related Related Total% Share Total% ShareentitiesentitiesIncome StatementRevenue 3,285 1,203 36.6 3,496 1,721 49.2Other operating income 12 1 8.3 19 2 10.5Costs for purchase of raw materials, 568 2 0.4 655 160 24.4consumables and finished goodsCosts for services 179 28 15.6 246 56 22.8Staff costs 216 (2) 237 (3)Other operating costs and expenses 91 3 3.3 159 3 1.9Financial income 32 14 43.8 37 17 45.9Financial costs 134 177 1 0.6Related-party transactions are generally governed on the basis of market conditions, i.e. the conditions that would be applied between two independent parties. The principal cash flows with related parties are shown in the following table.(million euros) 2021 2022Operating revenues and income 1,204 1,723 Operating costs and expenses (31) (216)Change in trade receivables and other current receivables (254) (439)Change in trade payables and other current payables 221 65 Change in other current and non-current liabilities 1 Interest collected (paid) 10 4 Cash inflow from operating activities 1,150 1,138 Investments:- Tangible and intangible assets (38) (85)- Long-term financial receivables (8)- Change in payables and receivables relating to investments 10 31 Divestments:- Financial receivables (repayments) 20 194 Cash flows from investment activities (16) 140 Increase (decrease) in short- term financial debt 1 Increase (decrease) in long-term financial debt 200 Cash flows from financing activities 1 200 TOTAL CASH FLOWS TO RELATED ENTITIES 1,135 1,478 The incidence of cash flows with related parties is shown in the table below:2021 2022(million euros)Related Related Total% Share Total% ShareentitiesentitiesCash inflow from operating activities 1,338 1,150 85.9 4,109 1,138 27.7 Cash flows from investment activities (1,678) (16) 1.0 (1,368) 140 Cash flows from financing activities (1,367) 1 (2,321) 200",
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"s8_notes__5__101": {
"value": "38 PUBLIC GRANTS - DISCLOSURE PURSUANT TO ARTICLE 1, PARAGRAPHS 125-129, LAW NO. 124/2017Pursuant to Article 1, paragraph 125 of Law no. 124/2017, as amended, the following information is provided on disbursements received from Italian public entities and entities, in favour of Snam S.p.A. and its fully consolidated subsidiaries. The consolidated disclosures take into account disbursements received from Italian public entities/state bodies. In particular, the following are not subject to presentation: (i) the forms of incentive/subsidy received in application of a general aid scheme to all those entitled; (ii) payments relating to the provision of works/services, including sponsorships; (iii) reimbursements and allowances paid to persons engaged in training and guidance courses; (iv) contributions received for continuous training from interprofessional funds established in the legal form of associations; (v) membership fees for membership in trade and territorial associations, as well as in favour of foundations or equivalent organisations, functional to activities connected with the company\u2019s business. Disbursements are identified on a cash basis. The disclosure obligations regarding the transparency of public disbursements granted, provided for in Article 1, paragraph 126 of Law no. 124 of 2017, are not applicable to the Snam Group.During 2022, there are no disbursements of more than 10 thousand euros made by the same person, even through several acts. Pursuant to the provisions of Article 3-quater of DL 135/2018, converted with amendments by Law no. 12 of 11 February 2019, for any disbursements received, please refer to the indications contained in the National Register of State Aid referred to in Article 52 of Law no. 234 of 24 December 2012.",
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"value": "39 SIGNIFICANT EVENTS AFTER THE END OF THE FINANCIAL YEARIn addition to what is reported in the chapter \"Operating performance by business segment of the Directors' Report\", it should be noted that on 10 January 2023, the purchase transaction was completed by Snam S.p.A. of 49.9% of the shareholdings held (directly and indirectly ) by Eni in the companies that manage the two groups of international pipelines that connect Algeria to Italy, in particular, the onshore pipelines that extend from the border between Algeria and Tunisia to the Tunisian coast (the so-called TTPC pipeline) and the offshore pipelines which connect the Tunisian coast to Italy (the so-called TMPC pipeline).These investments were contributed by Eni to a newly established Italian company (SeaCorridor S.r.l.), of which Snam acquired 49.9% of the share capital while the remaining 50.1% continues to be held by Eni. Eni and Snam exercise joint control over SeaCorridor, based on the principles of equal governance.The consideration paid at the closing, by Snam to Eni in relation to the transaction amounted to approximately 405 million euros; the sale and purchase agreement related to the transaction, signed between Eni and Snam on 27 November 2021, also provides for an earn-in and earn-out mechanism to be calculated on the basis of the revenues that will be generated by the investee companies.The transaction makes it possible to leverage the respective skills of Eni and Snam in a synergistic way on a strategic route for the security of natural gas supplies in Italy, favouring potential development initiatives in the hydrogen value chain also thanks to the natural resources of the North Africa.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s8_notes__5__103": {
"value": "40 PUBLICATION OF THE FINANCIAL STATEMENTSThe financial statements were authorised for publication, to be carried out within the terms of the law, by the Snam Board of Directors in its meeting of 15 March 2023.",
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